Single-Family Building Permits Continue Escalation in April
Indianapolis, IN – The Builders Association of Greater Indianapolis (BAGI) announced that in the Greater Indianapolis nine-county area, single-family building permits are up 53% over April of 2020 with 992 permits compared to 647 in April of last year, yielding a 49% cumulative increase year over year.
“Record low interest rates continue to drive demand for new homes in our market,” says Steve Lains, BAGI CEO. “As supply and labor costs increase and materials and lots remain in short supply, these interest rates have been the equalizer to offset increases in home prices.” Lains concludes, “We will continue to monitor these impacting factors as they relate to market demand over the coming months.”
2021 permits issued in the Greater Indianapolis Nine-County region have already created a total economic impact of $664,221,826 in local income, $150,789,350 in local taxes, and 11,246 local jobs so far in 2021.