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Area home-building permit filings surge 46 percent

IBJ Staff
November 8, 2012
Keywords
Housing Starts, Real Estate & Retail, Residential Real Estate
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The number of building permits filed in the nine-county area spiked 46 percent in October, marking the biggest year-over-year increase this year, according to the Builders Association of Greater Indianapolis.

The trade group said Thursday morning that home builders filed 394 permits in October, up from 269 in the same month a year earlier.

Area builders filed 3,585 permits through October, a 14-percent increase from the same period last year. That's better than the 10-percent increase the association expected, BAGI CEO Steve Lains said in a prepared statement.

“Builders are continuing to see high traffic levels in model homes,” he said. “Combine that with strong permit numbers, we could see a strong ending to the year.”

Strong activity in Hamilton and Hendricks counties helped drive the increase. Builders in Hamilton County last month filed 186 permits, an 81-percent increase from the same time last year. The jump was even higher in Hendricks County: 57 permits, up 119 percent.

However, the number of permits in Marion County dropped 14 percent, to 38.

Home construction in the Indianapolis area has fallen for six straight years.
 

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