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The Indianapolis-area homebuilding industry continued to see rising interest in new houses in March, with applications for new-home construction increasing 18.5% on a year-over-year basis.
Builders in the nine-county area filed 828 single-family building permits in March, up from 699 during the same month of 2023, according to the latest statistics from the Builders Association of Greater Indianapolis, or BAGI.
For the first quarter, permit filings were up 42% compared with the same period of 2023.
Permit filings have risen on a year-over-year basis for nine straight months. March increases were seen in seven of the area’s nine counties.
“We continue to be encouraged by the positive growth trend we’re seeing overall,” said BAGI CEO Steve Lains in written remarks. “As market conditions and interest rates began to stabilize toward the end of last year, we were optimistic that the central Indiana housing market would experience positive growth going into 2024, and it appears that our predictions were accurate.”
March single-family building permits filings by county and year-over-year increase:
Hamilton: 284 (-6.9%)
Marion: 182 (+58.2%)
Boone: 109 (+26.7%)
Hendricks 88 (+22.2%)
Hancock: 47 (0%)
Johnson: 51 (+155%)
Morgan 21 (+10.5%)
Madison: 42 (+23.5%)
Shelby: 4 (+300%)
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This report needs to include multi-housing permits. Hamilton County is busy building or planning dozens of rather large projects.