Building Permits Soar 46% in Greater Indianapolis
The number of building permits jumped 46 percent in October, according to the Builders Association of Greater Indianapolis. This increase marks the largest monthly gain so far this year in the nine-county metro area. Last month, building permits only increased 6.7 percent.
Home builders filed 394 building permits in October, up from 269 October 2011. Overall in 2012, there have been 3,585 building permits filed in Greater Indianapolis. This is 14 percent over the same period a year ago.
Steve Lains, Builders Association of Greater Indianapolis CEO said, “Builders are continuing to see high traffic levels in model homes.” Lains continued by saying, “Combine that with strong building permit numbers, we could see a strong ending to the year.”
Although building permits dropped 14 percent in Marion County, strong activity in other counties helped aid in the huge year-over-year increase. Hendricks County filed 57 building permits, 119 percent above last year. Madison County increased 100 percent, and builders in Hamilton County filed 186 building permits; an 81 percent increase. As a result of home construction being up and low inventory levels, this has driven up home prices and buyer confidence.
Learn more about building permits, the real estate market, and real estate news here. If you’re interested in looking at new homes, feel free to contact me any time. Also, if you’re a first-time homebuyer interested in learning more, here’s a free First-Time Homebuyer Guide.
You can follow any responses to this entry through the RSS 2.0 feed.