INDIANAPOLIS, Ind. – Single-family building permits in Indiana increased 2 percent in August over the previous month while numbers decreased 4 percent in August 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.
In August 2015, there were 1,150 single-family building permits issued compared to 1,201 in 2014. Single-family permits for the first eight months of 2015 are down 1 percent compared to the first eight months of 2014.
“Increased economic improvement and consumer confidence are both factors that have played into the steady advancement of new home sales,” said Indiana Builders Association Chief Executive Officer Rick Wajda. “We have seen many homeowners take advantage of historically low mortgage rates when purchasing their new homes.”
The latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), which measures builder confidence, continued its slow rise to a 10-year high of 62, up one point from August. A reading above 50 means most builders generally hold a favorable view of the market for newly built, single-family homes. The index has been at 60 or more since June and above the tipping point of 50 since July 2014.
“While builder confidence is at a 10-year high, concerns about hiring qualified construction workers and regulatory burdens still linger,” said Wajda.