Homebuilders End 2022 Strong Despite Decrease in Permit Numbers
INDIANAPOLIS (January 20, 2023) – The Builders Association of Greater Indianapolis (BAGI) announced that Central Indiana’s nine-county area experienced an overall decrease in homebuilding permit activity in 2022 which will begin to stabilize in 2023.
Central Indiana issued 7,992 total permits in 2022, with 385 issued in December.
Despite overall lower permit numbers in 2022, builders were busy completing projects throughout the area and remain optimistic about the next few years.
“The slowdown we experienced in 2022 was not surprising, and we anticipate this trend to continue in consumer traffic, which will result in slowing sales of approximately 25 percent through 2023 from the peak level experienced in 2021 ,” Steve Lains, BAGI CEO, said. “However, the current state of the industry bodes well for a healthy market through 2024 and beyond.”
Lains explained that despite the unusual trends and continuous changes in the housing market, it is still a great time for Hoosiers to invest in new home construction.
“We understand that the economic climate has been challenging for builders and developers, but we remain committed to supporting the industry by providing the advocacy, education and promotional resources necessary to ensure that new construction projects can continue to move forward this year,” Lains said.
Permit Breakdown by County:
|County||2021 Permits (Jan - Dec)||2022 Permits (Jan – Dec)|