INDIANAPOLIS – While demand remains strong for new home construction, upward pressure on building material costs, such as lumber, continues to concern the industry.
Low inventory of homes for sale; skyrocketing lumber prices; increasing labor costs; and costly regulatory ordinances all factor in how much Hoosier families can afford to purchase a new home.
These challenges threaten the continued growth of the housing industry across the state, said Indiana Builders Association CEO Rick Wajda.
The U.S. Census Bureau recently released statewide totals for building permits issued in January and shows 1,398 single-family permits were pulled, the highest January total for permits since 2006. The 1,398 permits pulled in January of 2021 are up 25% from the 1,116 permits pulled in January of 2020. This number is down 13% from December of 2020 when 1,584 permits were pulled.
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 22 local affiliates and nearly 3,000 members across Indiana. IBA, along with its affiliates, is 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.