Building Permits See Slight Rise in May

The new permits resulted in over 15

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The Builders Association of Greater Indianapolis says single-family building permits in central Indiana rose 10 percent in May. BAGI says 626 permits were issued last month in the nine-county region, compared with 571 permits during the same month last year.

The organization says 2,497 permits have been issued year-to-date, which is a 4 percent increase over the same period in 2016. Steve Lains, chief executive officer of the BAGI, says the numbers prove the region is maintaining its reputation as a steady market.

"As it relates to demographics though, Central Indiana continues to face regulatory challenges that prevent the industry from being able to build homes that are affordable," said Lains. "With new home prices averaging around $316,000, nearly 76 percent of our local population is being priced out of the market."

Six of the nine counties saw increases in building permits. Morgan County led the way with a 43 percent increase over the same month in 2016. Madison County saw the biggest drop with a 46 percent decrease from the previous year.

You can view the figures from May and for all of 2017 in the chart below: