Indiana single-family building permits up 14 percent for first half of 2016

INDIANAPOLIS, Ind. – Single-family building permits in Indiana increased 6 percent in June compared to the same time last year according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Permits decreased 2 percent in June over the previous month.

“For the fifth straight month, single-family housing starts in Indiana have increased over the same time last year,” said Indiana Builders Association Chief Executive Officer Rick Wajda. “This steady climb indicates that the housing industry should continue to strengthen throughout the remainder of the year.”

In June 2016, there were 1,394 single-family building permits issued compared to 1,309 in 2015. The single family permit numbers for the first half of 2016 are up 14 percent compared to the first half of 2015.

Builder confidence in the market for newly built, single-family homes in July fell one point to 59 from a June reading of 60 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Any number over 50 indicates that more builders view conditions as good than poor. For the past six months, builder confidence has remained in a relatively narrow positive range that is consistent with the ongoing gradual housing recovery.

“A healthy job market and low mortgage rates are bolstering the Hoosier housing market,” said Wajda. “These latest numbers confirm the considerable strength in the housing industry over the past few months, and we anticipate that trend will continue.”