INDIANAPOLIS, Ind. – Single-family building permits in Indiana increased 15 percent in December 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 13 percent in December from the previous month.
In December 2015, there were 835 single-family building permits issued compared to 726 in 2014. Single-family permits for 2015 were down 1 percent compared to 2014 totals.
“After years of ups and downs, the housing market has settled into a steadier pattern,” said Indiana Builders Association Chief Executive Officer Rick Wajda. “A firming economy, solid job growth and rising consumer confidence are all positive indicators that provide solid evidence this will be a good year for housing and the economy.”
Builder confidence in the market for newly-built single-family homes held steady at 60 in January, according to the National Association of Home Builders/Wells Fargo Housing Market Index. The index has been between 60 and 62 for seven of the last eight months with only October rising briefly to 65. Any number over 50 indicates that more builders view sales conditions as good than poor.
“Top concerns for builders in 2016 include the cost and availability of developed lots and labor, federal environmental regulations that are making it more expensive and difficult to build homes and increasing building material prices,” said Wajda. “Indiana’s unemployment rate continues to be at its lowest level in more than a decade and we are confident this will play a factor in a growing housing market this year.”