Statewide Building Permits Jump in October

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The Indiana Builders Association says single-family building permits rose 12 percent in October. The organization says 1,416 permits were issued throughout the state, up from 1,264 during the same month last year.

The IBA says permits also rose 11 percent over the previous month, according to the latest data from the U.S. Census Bureau. The organization says, year-to-date, the overall number of permits is 10 percent higher than the first 10 months of 2016.

IBA Chief Executive Officer Rick Wajda says demand for housing is increasing at a consistent pace.

"As more Hoosiers realize the value of homeownership, we have seen a spur in economic growth and a tighter housing inventory that will create a strong market to finish out 2017," said. Wajda. "It is no secret that the building industry continues to face numerous supply-side challenges such as lot and labor shortages. However, builders are confident that a strong single-family housing market is the key to long-term economic prosperity for both families and the state as a whole."

The IBA says the National Association of Home Builders/Wells Fargo Housing Market Index rose to an eight-month high of 70 in November. Any number over 50 means builders view sales conditions as good rather than poor.