Single-Family Building Permits Show Dip in May
Indianapolis, IN – The Builders Association of Greater Indianapolis (BAGI) announced that in the Greater Indianapolis nine-county area, single-family building permits dip 12% with 654 permits compared to 740 in May 2019. 2020 permits for the year remain up 11% over last year at this time.
“Permit numbers tend to be a lagging indicator of buyer interest and traffic from the previous couple months,” says Steve Lains, CEO of the Builders Association of Greater Indianapolis. “In this instance, we would correlate May’s numbers with the impact of COVID-19 in late March and early April when municipalities were closed to the public and builders scrambled to implement CDC guidelines while establishing new methods for connecting with prospective customers.” Lains continues, “Since then, traffic and sales have continued to pick up, according to a variety of our builder members, which we expect to be appropriately reflected in the permit reports in the next couple months.”
2020 permits issued in the Greater Indianapolis Nine-County region have already created a total economic impact of $561,785,891 in local income.
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.