Single-Family Building Permits Surge in March
Indianapolis, IN – The Builders Association of Greater Indianapolis (BAGI) announced that in the Greater Indianapolis nine-county area, single-family building permits are up 66% over March of 2020 with 1,127 permits compared to 680 in March of last year, yielding a 48% increase in this first quarter year over year. Only Morgan County posted a deficit for the month, while Marion County saw a significant 80% boost month over month.
“Market demand has not shown signs of wavering,” says Steve Lains, BAGI CEO. “Consumers continue to sell their current homes for more money and with less time on the market. Record low interest rates continue to be a driver for people to buy now, despite the cost increases with new construction. That being said,” Lains continues, “supply and labor costs and diminishing lot availability will make it difficult for permit increases like this to continue. For example, the cost of framing lumber composite has increased by 317% last week compared to this time last year according to a national lumber report. These increases are being felt by both the builders and consumers as the scramble persists in an attempt to meet the market demand.”
2021 permits issued in the Greater Indianapolis Nine-County region have already created a total economic impact of $486,570,693 in local income, $110,459,602 in local taxes, and 8,238 local jobs so far in 2021.
