Recent data from the U.S. Census Bureau (BOC) has reflected that housing demand in the state of Indiana is rising at a steady pace, according to Indiana Builders Association (IBA) Chief Executive Officer Rick Wadja.
Released on Nov. 17, the BOC’s Monthly New Residential Construction report for October 2017 shows that number of permits issued between the months of September and October increased by 11 percent.
Permits issued as October closed also jumped by 12 percent compared to the same month in 2016, and is the highest recorded number issued in October over the last ten years.
Overall, permits issued in the first ten months of 2017 posted a 10 percent increase than in 2016, bringing the state total at 13,721 permits.
“As more Hoosiers realize the value of homeownership, we have seen a spur in economic growth and a tighter housing inventory that will create a strong market to finish out 2017,” Wadja said in a statement released Nov. 29.
Moreover, permits issued for single-family homes in October totaled at 1,416 representing an increase from 1,264 permits issued in October 2016.
Builder confidence for newly built single-family homes also posted an eight-month high in November at 70 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). Any record over 50 indicates that more builders view sales condition as good.
“It is no secret that the building industry continues to face numerous supply-side challenges such as lot and labor shortages. However, builders are confident that a strong single-family housing market is the key to long-term economic prosperity for both families and the state as a whole,” Wadja said.
