Building permits up 20 percent
Central Indiana building permit reports indicate that single-family permits increased 20 percent in October compared to October 2012. There were 4,308 new home permits issued this year compared to the 3,585 issued in 2012.
“Although reports indicate a slight decrease in permits from last month, we continue to see a significant increase over last year’s numbers,” said Steve Lains, CEO of the Builders Association of Greater Indianapolis. “Forecasters believe that we will continue to see steady increases in 2014. A slight decrease from last month was expected because of the time of year, but what’s ultimately important is the year-to-year overall increase which is moving in the right direction.”
A recent Kiplinger economic report found that the pent-up demand will continue to elevate permit numbers in 2014. According to that report, housing is critical to the U.S. economy.
“It’s not just from home sales, but in state and local government revenue, sales of furniture, appliances, etc., and the spin-off from income earned by construction crews, realtors and more,” the report said.
In central Indiana the permits issued through October 2013 are estimated to create a total economic impact of $771 million in local income, $175 million in local taxes and 13,062 local jobs, year to date.