January Single-Family Building Permits Off to Accelerated Start
Indianapolis, IN – The Builders Association of Greater Indianapolis (BAGI) announced that in the Greater Indianapolis nine-county area, single-family building permits are up 45% from January last year with 772 permits compared to 534 in January 2020, which had already seen an 18% uptick over the start to the previous year.
“The demand for new homes has accelerated into 2021,” says Steve Lains, BAGI CEO. “In fact, home demand has surpassed production capacity. While we remain encouraged by the enthusiasm in the new home market, meeting this increasing demand will require a resetting of expectations for both the builders and homebuyers.”
Lains explains, “Costs for supplies and labor are continuing to go up, and inventory remains limited as builders try to develop lots and catch up with the backlog of homes to be built. We empathize with today’s homebuyers and know it can be frustrating to navigate this market in light of those challenges. We ask that prospective homebuyers stay patient” says Lains, “as we work to deliver the quality homes you want as efficiently as we are able under these circumstances.”
2021 permits issued in the Greater Indianapolis Nine-County region have already created a total economic impact of $138,252,696 in local income, $31,385,651 in local taxes, and 2,341 local jobs so far in 2021.
See the full report: https://www.bagi.com/permits/