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Area homebuilding hits highest mark since 2008

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Home builders in the Indianapolis area may have reason to be optimistic this year judging by the increased demand shown for new houses in 2012.

The number of single-family building permits in the nine-county area jumped 9 percent in December and even more—16 percent—for the entire year, according to figures released Wednesday by the Builders Association of Greater Indianapolis.

Overall, builders filed 4,182 permits in 2012, up from 3,614 in 2011. It's the first time the number surpassed the 4,000 mark since 2008, when 4,688 permits were filed.

In addition, the 16-percent spike was the biggest year-over-year percentage increase since 1998.

“It says a lot about the strength of our local industry for permits to increase that much for the first time in 14 years,” BAGI CEO Steve Lains said in a written statement. “I am excited to see what 2013 will bring.”

The number of building permit filings now has climbed for six straight months after dipping 3 percent in June. Further, seven months in 2012 saw double-digit increases.   

Last year’s increase marks just the second time since 2005 that area home construction improved from the previous year. That year, 13,202 permits were filed, up from 13,046 in 2004. Permit filings rose 3 percent from 2009 to 2010, to 3,720. But generous federal tax incentives available to home buyers in early 2010 played a big role in the increase.

While home building rose in 2012, activity is far behind the pace set before the recession. Almost twice as many permits—7,331—were filed in 2007. More than 9,500 were filed in 2006.

For December, 275 permits were filed in the area, up from 252 in the previous year. The most permits—110—were filed in Hamilton County, which posted a 17-percent increase from the previous December. The number of permits in Marion County rose 10 percent, to 46.

Just 27 permits were filed in Boone County last month, but that was good enough for a 69-percent increase from December 2011. Filings fell 17 percent in Hendricks County in December, to 30 permits. Johnson County filings remained flat, at 35.

 

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  • Conundrum
    Huh, growth in an industry that wasn't goosed by RTWFL, Daylight Savings Time, or new terrain 69. This will of course be the engine that gets the economy closer to normal, not all the corporate welfare and largesse slathered around the last eight years.

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  1. From the story: "The city of Indianapolis also will consider tax incentives and funding for infrastructure required for the project, according to IEDC." Why would the City need to consider additional tax incentives when Lowe's has already bought the land and reached an agreement with IEDC to bring the jobs? What that tells me is that the City has already pledged the incentives, unofficially, and they just haven't had time to push it through the MDC yet. Either way, subsidizing $10/hour jobs is going to do nothing toward furthering the Mayor's stated goal of attracting middle and upper-middle class residents to Marion County.

  2. Ron Spencer and the entire staff of Theater on the Square embraced IndyFringe when it came to Mass Ave in 2005. TOTS was not only a venue but Ron and his friends created, presented and appeared in shows which embraced the 'spirit of the fringe'. He's weathered all the storms and kept smiling ... bon voyage and thank you.

  3. Not sure how many sushi restaurants are enough, but there are three that I know of in various parts of downtown proper and all are pretty good.

  4. First off, it's "moron," not "moran." 2nd, YOU don't get to vote on someone else's rights and freedoms that are guaranteed by the US Constitution. That's why this is not a state's rights issue...putting something like this to vote by, well, people like you who are quite clearly intellectually challenged isn't necessary since the 14th amendment has already decided the issue. Which is why Indiana's effort is a wasted one and a waste of money...and will be overturned just like this has in every other state.

  5. Rick, how does granting theright to marry to people choosing to marry same-sex partners harm the lives of those who choose not to? I cannot for the life of me see any harm to people who choose not to marry someone of the same sex. We understand your choice to take the parts of the bible literally in your life. That is fine but why force your religious beliefs on others? I'm hoping the judges do the right thing and declare the ban unconstitutional so all citizens of Wisconsin and Indiana have the same marriage rights and that those who chose someone of the same sex do not have less rights than others.

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