PRESS RELEASE: Strength in March Single-Family Building Permits
FOR IMMEDIATE RELEASE
April 15, 2020
Strength in March Single-Family Building Permits
Indianapolis, IN – The Builders Association of Greater Indianapolis (BAGI) announced that in the Greater Indianapolis nine-county area, single-family building permits are up 20% with 680 permits compared to 566 in March 2019. Thus far in 2020, permits have increased by 24% over last year.
“March permits continue to indicate a strong demand in our market,” says Steve Lains, CEO of the Builders Association of Greater Indianapolis. “However, the strength in March permit numbers is primarily made up of the prior month’s sales. We still anticipate healthy April numbers as well, due to the success of the market prior to mid-March when communities and builders began transitioning to remote permitting in light of the coronavirus (COVID-19). We expect to have a better gauge of the virus’s impact on our market after evaluating May’s permit numbers,” says Lains.
BAGI Board President, Todd Pyatt adds, “The local industry continues to innovate in helping to meet the market demand for new homes. With today’s technology, builders have been able to quickly transform their businesses to a virtual selling platform. Offering virtual appointments using Facetime or chat communication tools and offering 3D tours that allow you to virtually walk through a floor plan design are ways new home builders continue to operate, stay open, and offer consumers a variety of safe options.” Pyatt continues, “Another example is the conversion of First Internet Bank Indy Rama, BAGI’s downtown home tour, into a virtual tour starting Friday at indyrama.com. This adaptation allows the consumer to see the latest trends and features in today’s new construction from the safety and comfort of their computer.”
2020 permits issued in the Greater Indianapolis Nine-County region have already created a total economic impact of $328,797,863 in local income, $74,642,558 in local taxes, and 5,567 local jobs so far in 2020 (see chart below).
PER HOME IMPACT ON LOCAL ECONOMY
The Builders Association of Greater Indianapolis is a professional trade association representing residential homebuilders, associates and remodelers. For more information, call 317-236-6330; or visit www.BAGI.com/permits/ for permits numbers from 2000-2020.