Building permits continue decline in May
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The Builders Association of Greater Indianapolis says single-family building permits were down 8% in May, compared to the same month last year. BAGI Director of Government Affairs Drake Branda says despite lower permit numbers, the central Indiana real estate market continues to see high demand and record low inventory.
Branda says consumer demand and shortages of newly-built and existing homes indicates a positive purchasing market.
“Builders and developers throughout all our municipalities continue to overcome ongoing supply chain issues and a lack of lot development,” Branda said. “Interest rates and prices are not decreasing in our area as national media suggests, so now is the time to consider buying.”
In central Indiana’s nine-county area, there were 893 permits issued last month, compared to 967 in 2021.
BAGI Chief Executive Officer Steve Lains says builder confidence is high. He says the market is seeing a number of new projects pending approval or already underway that can provide more opportunities for consumers in the market.
Of the central Indiana region, Marion County saw the only year-over-year increase in permit activity, with 157 permits issued last month compared to 61 in May 2021.