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Indiana Home Building Remains Steady Amid Decline In July
Updated August 30, 2017 7:05 AM | Filed under: Business
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(INDIANAPOLIS) - The number of permits filed for single-family homes in the state of Indiana increased 10 percent in July compared to the same time last year.

This data pulled from the U.S. Census Bureau indicates a small increase between July 2016 and July 2017, but records a 20 percent drop in the number of permits filed between June 2017 and July 2017. Despite the considerable decline, these figures indicate Indiana home building is still up 12 percent for the first seven months of this year.

"When comparing the data from last year, we see that the upward trend is still reflective of a continued recovery for the state housing market." said Indiana Builders Association President Lance Swank. "As Indiana continues to welcome more homeowners to the economy, we are confident home building will fall in line to meet consumer needs."

In July 2017, there were 1,310 single-family building permits issued compared to 1,189 permits in July of 2016.

Even with decreasing numbers of permits filed between June and July, builder confidence in the market for newly built single-family homes has increased by four points in August to 68 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Any number over 50 indicates that more builders view sales conditions as good than poor.

"Our industry has recently been faced with a substantial amount of supply-side challenges that greatly affect our members," said Swank. "However, with the state's initiatives on job and economic growth, our members are encouraged by the demand in housing from Hoosiers across generations."

About the Indiana Builders Association

The Indiana Builders Association (IBA) is a statewide trade organization representing Indiana's home building, remodeling and light commercial construction industry. Established in 1952, IBA has 25 local affiliates organized into eight geographic areas across Indiana. IBA, along with its affiliates, are associated with the National Association of Home Builders in Washington, D.C. The organization works to educate its members, the general public, elected officials and regulatory bodies to maintain and develop workable and affordable regulations and laws that enable the citizens of Indiana to own a home. More information can be found at www.buildindiana.org.



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