Single-Family Building Permits Hold Strong in July
Indianapolis, IN – The Builders Association of Greater Indianapolis (BAGI) announced that in the Greater Indianapolis nine-county area, single-family building permits were up 12% last month with 775 permits compared to 695 in July 2019. Year over year, 2020 permits continue to hold strong at a 12% increase over last year at this time.
“The strong demand for new homes that began in May shows no signs of deceasing at this point,” says Todd Pyatt, President of Pyatt Builders and 2020 President of the Builders Association of Greater Indianapolis. “With that demand remaining incredibly high, builders and their trade partners are reaching their capacity to meet existing sales commitments and many builders now are selling homes that will not be started until spring or summer of 2021.” Pyatt continues, “It is important that prospective buyers understand that the increased demand, coupled with material and labor shortages caused by COVID-19, are putting upward pressure on pricing and lot availability in almost all segments of the market.”
2020 permits issued in the Greater Indianapolis Nine-County region have already created a total economic impact of $839,903,037 in local income, $190,671,894 in local taxes, and 14,220 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.