Despite flat numbers, insiders says there's good news on the housing starts front in Central Indiana.
The Builders Association of Greater Indianapolis says new building permits for the nine-county area remained steady last month compared to November 2014.
There were 4,760 single-family building permits issued in November 2015 compared with 4,759 in November of last year.
Some might argue that could indicate discouragement in the market, but BAGI CEO Steve Lains says the market typically sees a dip in permit numbers in late fall into winter.
“The market is strong enough that even as we have price increases on commodities and land that are being passed on to the consumer in the cost of the house, there’s still that strength in the market to keep our numbers steady,” Lains says.
He says these latest numbers show that there's energy in the Indiana marketplace, with builder confidence remaining high and interest rates remaining low.
However, Lains says he's concerned that the shortage of available building lots and tighter local government ordinances will prevent significant rises in permits next year.
“Price increases that are coming and continuing to build, you’ve got land availability and land development costs that continue to build – all putting headwinds for those of us in the operational side of the business that we see,” Lains says.
Total new permits this year have generated an economic impact of nearly $853 million and more than 14,000 jobs.