INDIANA – The downtick in permits for March is not surprising, given the impact of rising interest rates and inflation, said Indiana Builders Association President, Paul Schwinghammer.
“While 2021 was a strong year for new home construction, a shortage of available lots and challenges in bringing products to the market continues to impact new housing across the state. The supply of new homes remains at critically low levels as buyers attempt to lock in lower mortgage rates in a highly competitive housing market,” added Schwinghammer.
BACKGROUND: The U.S. Census Bureau recently released statewide totals for building permits issued in March and shows 1,908 single-family permits were pulled. The 1,908 permits pulled in March of 2022 are down 14% from the 2,216 permits pulled in March of 2021. This number is up 29% from February of 2022, when 1,483 permits were pulled. The single-family permit numbers (4,930) for 2022 are down 3% compared to the first quarter of 2021.
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 21 local affiliates across Indiana and is associated with the National Association of Home Builders in Washington, D.C. IBA educates and advocates for the construction industry to positively impact legislative, regulatory and legal issues that affect housing affordability. More information can be found at www.buildindiana.org.