The number of building permits for single-family homes for central Indiana in March jumped 66% from the same period a year ago, according to the Builders Association of Greater Indianapolis. The trade association says that while the number reflects a continuing trend in new home construction, the number pales relative to the skyrocketing cost of building materials.
BAGI says the cost of structural lumber composite increased 317% last week compared to the same period last year, according to a national lumber report.
“These increases are being felt by both manufacturers and consumers as the rush continues to meet market demand,” said Steve Lains, CEO of BAGI.
BAGI says more than 1,110 permits were issued in the nine-county region, up from 680 in March 2020. The organization says there was a 48% increase in the first quarter, year-on-year. other.
“Market demand has shown no sign of abating,” Lains said. “Consumers continue to sell their current homes for more money and with less time to market. Record low interest rates continue to be a driver for people to buy now, despite cost increases with new construction. “
BAGI says Morgan County posted a deficit in March, but Marion County saw an 80% increase.