October Single-Family Building Permits See Continued Increase
Indianapolis, IN – The Builders Association of Greater Indianapolis (BAGI) announced that in the Greater Indianapolis nine-county area, single-family building permits saw a 47% increase last month with 904 permits compared to 615 in October 2019, the largest increase yet this year. Year over year, 2020 permits are up 18% over last year at this time.
“It has become evident that we are experiencing unprecedented demand for new housing in our market,” says BAGI CEO Steve Lains. “In the midst of an uncertain year, our indicators continue to trend positively and are showing no signs of softening for the foreseeable future. However, the diminishing availability of lot inventory and completed homes for sale, along with process disruptions from COVID-19, could impact the industry’s ability to meet the ongoing demand into 2021,” expresses Lains.
2020 permits issued in the Greater Indianapolis Nine-County region have already created a total economic impact of $1,286,000,791 in local income, $291,943,469 in local taxes, and 21,773 local jobs so far in 2020.
See the full report here: https://www.bagi.com/permits/