Homebuilding in central Indiana continued its second-half surge in October, with applications for construction rising 9 percent over the same month of 2018.
Builders filed 615 single-family construction permits in the nine-county area last month, compared with 563 permits in October 2018, according to the Builders Association of Greater Indianapolis. Permit filings have risen for four months in row on a year-over-year basis following seven straight months of declines.
The late surge puts this year’s local homebuilding activity almost on par with 2018’s pace. Builders filed 6,059 permits through the first 10 months of this year, just 1 percent fewer than the 6,135 that were filed during the same period of 2018.
“The late-summer and early-fall increase in permits is a result of the industry catching up from a wet, cold spring construction season, in which sales activity was steady but construction was delayed due to the weather,” said Steve Lains, CEO of BAGI, in written comments. “We do anticipate a slightly bullish market next year, dependent on builders’ land positions and the ability to hit lower price points.”
Marion County permit filings jumped 35 percent last month, to 124, and are now up 5 percent this year, to 1,232.
Hamilton County saw filings drop 18 percent in October, to 196. Filings are down 11 percent so far this year in the county, to 2,009.
Hendricks County’s numbers were up 38% during the month, to 94.
Johnson County saw a 20 percent increase in filings, to 65.
Hancock County saw permits surge 57%, to 55.
Filings rose 61% in Boone County, to 45.
Morgan County saw a 23 percent dip in permits, to 22.
Filings remained at 14 in Madison County. They dropped from 11 to five in Shelby County.