Indiana single-family building permits up 37 percent from February 2015

INDIANAPOLIS, Ind. – Single-family building permits in Indiana increased 37 percent in February 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 increased 33 percent in February over the previous month.

In February 2016, there were 874 single-family building permits issued compared to 636 in 2015. The single family permit numbers for the first two months of 2016 are up 16 percent compared to the first two months of 2015.

“Single-family building permits in February have not been this high since before the recession in 2007,” said Indiana Builders Association Chief Executive Officer Rick Wajda. “The increase in single-family building permits is consistent with positive builder sentiment and other economic indicators showing that the housing market is continuing a gradual recovery.”

The National Association of Home Builders/Wells Fargo Housing Market Index remained at 58 in March. Any number over 50 indicates that more builders view conditions as good than poor.

“We are encouraged by the increase in permit numbers and hope to see the trend continue throughout the year,” said Wajda. “As the economy continues to improve and job creation grows, we expect the housing market to continue on a gradual upward trajectory.”