Single-Family Building Permits Continue Climb in May
INDIANAPOLIS (June 22, 2021) – The Builders Association of Greater Indianapolis (BAGI) announced that in Central Indiana’s nine-county area, single-family building permits are up 48% over May of 2020 with 967 permits compared to 655 the year prior, yielding a 49% cumulative increase year over year.
Single-family building permits are up 48% over May of 2020
“With lumber pricing so irregular, the new home market has also become unpredictable,” Steve Lains, CEO of the Builders Association of Greater Indianapolis said. “Builders are still seeing constraints on product availabilities and are also concerned about the opportunity to obtain approvals for projects in the future.”
Lains added that the steady, low interest rates continue to serve as the equalizer to offset increase in home prices, further pushing the demand and increase for new construction as it has for the last several months.
Each of the nine counties has seen an increase in permits issued when comparing to last year’s cumulative average. The most notable growth is Hamilton County’s 82% jump from 162 permits issued in May 2020 to 295 in May 2021.
Hamilton County saw an 82% jump from 162 permits issued in May 2020 to 295 in May 2021.
|County||2020 Permits (Jan-May)||2021 Permits (Jan-May)|
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 2000-2021.
HOMES BUILD OUR LOCAL ECONOMY – in 2020, new home construction created $1.55 billion in local income, over $352 million in local taxes, and 26,284 jobs.