Building permits see big jump in August
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The Indiana Builders Association says the state saw a 20% year-over-year increase in the number of building permits issued in August, according to data from the U.S. Census Bureau.
More than 1,700 single-family housing permits were issued in August, marking the highest number of permits issued for the month since 2007.
The August 2023 permit numbers also represented a 20% increase over July 2023, which saw 1,453 permits issued.
Despite the surge in August, the total number of single-family permits issued for the first eight months of the year stands at 11,370, marking a 17% decrease compared to the same period in 2022.
IBA President Ric Zehr said the year-to-date decline, however, does not represent the full story for Indiana’s housing market.
“Single family permits in Indiana over the last 10 years, post great recession, have averaged 14,920,” Zehr said in a news release. “The 2023 year-to-date numbers puts Indiana closer to the 10-year average. It is clear that even in this relatively high mortgage rate environment, the housing sector remains dynamic and responsive to changing conditions.”
Zehr said the August numbers are “undoubtedly a positive sign” for the housing market.