September Spike in 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 saw a 45% increase last month with 819 permits compared to 565 in September 2019. Year over year, 2020 permits remain robust at a 15% increase over last year at this time.
“The market continues to show strong demand,” says BAGI CEO Steve Lains, “but builders are still dealing with increasing costs of labor and supplies, along with low available inventory of completed homes and lots. September’s 45% increase is certainly a continued indication of the overall market strength, but we do believe that a portion of this month’s increase could also be caused by the builders and municipalities catching-up on permits from previous months.” Lains suggests, “Operations and processes were severely disrupted for builders and municipalities with COVID-19 related office closures and 100% online permitting, and both sectors are continuing to adapt to new COVID-19 operations. That continued adaptation and subsequent increase in permit approvals may be reflected in September permit numbers. We will continue to keep track of factors that impact the market over the coming months.”
2020 permits issued in the Greater Indianapolis Nine-County region have already created a total economic impact of $1,124,109,033 in local income, $255,191,360 in local taxes, and 19,032 local jobs so far in 2020 (see chart below).
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.