No Easing in Building Permits for Central Indiana
(Stock photo courtesy: Pixabay/Paul Brenner)
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe COVID-19 pandemic has crippled many aspects of the economy, but home construction is apparently not one of them.
The number of single-family building permits in central Indiana saw a 47% increase in October, according to the Builders Association of Greater Indianapolis.
The trade group says the nine-county area in greater Indianapolis saw 904 permits last month, compared to 615 during the same period a year ago.
Year over year, 2020 permits are up 18%.
“It has become evident that we are experiencing unprecedented demand for new housing in our market,” said Steve Lains, chief executive officer of the Builders Association of Greater Indianapolis. “In the midst of an uncertain year, our indicators continue to trend positively and are showing no signs of softening for the foreseeable future.”
Despite the growth in 2020, Lains warns there could be a challenge in 2021 if the demand continues.
“The diminishing availability of lot inventory and completed homes for sale, along with process disruptions from COVID-19, could impact the industry’s ability to meet the ongoing demand,” said Lains.
Of the nearly 7,200 building permits issued so far this year, nearly 2,100 were for Hamilton County projects.
