November building permits are up, BAGI says confidence strong

Indianapolis, IN – The November building permit reports indicate that in the Greater Indianapolis Nine-County area, Single-Family Building Permits increased three percent over the 2013 numbers year-to-date.  Reports indicate there have been 4,757 new home permits issued so far this year compared to 4,626 in 2013 and are poised to surpass 5,000 permits by year end – the first time the market has been above 5,000 since 2007.  In addition, Builder confidence in the market for newly built single-family homes rose four points to a level of 58 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released late last month. 

“It is a very positive sign that all year monthly permit numbers have remained steady or have slightly increased and this month's numbers align with previous numbers – even though we usually see a dip in numbers during the fall and winter months,” says Steve Lains, CEO of the Builders Association of Greater Indianapolis.  “These numbers once again indicate that our Central Indiana economy is strong and we anticipate seeing similar numbers as we head into 2015.”

In the Greater Indianapolis Nine-County region, the permits issued through October 2014 have created a total economic impact of $851,901,778 in local income, $193,395,778 in local taxes, and 14,423 local jobs, year to date (see chart below).