Building Permits Rise in August
Builders Association says central Indiana up 10% in building permits for 2012
Central Indiana home builders are hopeful that another month of increases in building permits is a sign of long standing improvement in the marketplace.
The Builders Association of Greater Indianapolis reports a 14% increase in building permits for the month of August compared to the same month last year. That brings the region to a 10% increase for 2012 thus far. C.E.O. Steve Lains says that is good news for the local economy since the industry is one of many economic drivers both locally and nationally. Lains also says the news is a sign the economy is stabilizing since the housing industry was one of the first hit by this recent economic downturn and what many say was responsible for that downturn.
Lains says Hamilton, Boone, and Hendricks Counties are seeing the most growth out of the nine counties in the Greater Indianapolis area. Indiana Home Builders Association C.E.O. Rick Wajda says even though the August numbers for the entire state are not yet available, the July numbers statewide tell the same story as those for Central Indiana. Wajda says the numbers indicate the economy is continuing to rebound and he expects consumer confidence will continue to grow, which should help the housing industry get back on track within the next 12 to 18 months.
Wajda says in additional to Central Indiana, areas like Bloomington, West Lafayette, and Fort Wayne are also seeing growth. July 2012 saw an 14% increase in new building permits across the state compared to July 2011 with an 18% increase for the first 7 months of this year compared to last year.