INDIANAPOLIS (March 26, 2024) – The Builders Association of Greater Indianapolis (BAGI) just released its February permit breakdown, which shows that the market’s growth trend start to the year is more than a one-off phenomenon.
After kicking off the year with tremendous and atypical growth, the latest permit report shows a 49% increase year-over-year in the total number of permits issued for new single-family home construction with 632 permits issued across all of BAGI’s nine county service area.
Shelby County led the way, with 175% more permits issued in February 2024, compared to February 2023. Marion and Boone Counties also recorded impressive numbers, with 139% and 105% year-over-year increases, respectively.
With the exception of Hendricks and Madison Counties, all counties reported a positive growth rate from February 2023 to February 2024.
“We’re thrilled to see this continued trend of positive growth within the Central Indiana new home construction market,” said BAGI CEO Steve Lains. “We continue to watch the ever-fluctuating interest rates and supply chain conditions but remain optimistic that the market is entering a time of overall recovery and stability as we begin the second quarter. Whatever this volatile election year may hold for the economy, BAGI will stand by our members, advocating for positive policy and regulatory changes that enhance opportunity and providing networking and educational events to help our members foster connections and keep their skills razor-sharp.”
Permit Breakdown by County:
| County | 2023 Permits (Feb) | 2024 Permits (Feb) |
|---|---|---|
| Boone County | 40 | 82 |
| Hamilton County | 164 | 226 |
| Hancock County | 47 | 49 |
| Hendricks County | 72 | 66 |
| Johnson County | 24 | 31 |
| Madison County | 15 | 14 |
| Marion County | 56 | 134 |
| Morgan County | 10 | 19 |
| Shelby County | 4 | 11 |
For further information and access to the full February permit breakdown report, please visit the Builder’s Association of Greater Indianapolis website at https://www.bagi.com/permits.
BAGI remains committed to promoting, educating, and serving its members and the housing industry in the Indianapolis area, and will continue to monitor and support the growth in building permits and overall housing market activity.
For more information about permit numbers, or to discuss local homebuilding trends with Lains or other BAGI officials, contact Kristen Hoyt at 317-764-7018 or kristenh@thecaway.com.
