Builders Remain Busy Despite November Permit Numbers
INDIANAPOLIS (December 16, 2022) – The Builders Association of Greater Indianapolis (BAGI) continues to see a regression in homebuilding permit activity as the year comes to an end, with 7607 permits issued from January to November, compared to 9598 permits issued in the same time period last year.
Central Indiana single family building permits down 21 percent year-over-year.
Despite the decrease in permit activity, builders continue to stay busy and remain optimistic heading into the New Year.
“As an association, we’ve been expecting construction home sales to slow by 25 percent through the end of 2022, especially with the recent interest rate increases,” Steve Lains, BAGI CEO, said. “This has given our builders and vendors the chance to get caught up on delayed materials and complete existing new home projects.”
Over the past two years, industry professionals have grown accustomed to unusual trends. Despite decreased permit activity and continued battles with supply chain slowdowns, labor shortages, price inflation and a lack of land availability, local homebuilders and suppliers remain busy as they complete projects throughout the Central Indiana area.
“Builders are still committed to providing Hoosier homeowners with the homes they want and deserve, and the future is looking positive. The market is starting to become more balanced, we expect it to continue to correct itself in 2023,” Lains said.
Permit Breakdown by County:
|County||2021 Permits (Jan - Nov)||2022 Permits (Jan – Nov)|