The Indianapolis-area homebuilding industry remained on a growth streak in February, with applications for new home construction surging 49% on a year-over-year basis.
Builders in the nine-county area filed 632 single-family building permits in February, up from 425 during the same month of 2023, according to the latest statistics from the Builders Association of Greater Indianapolis, or BAGI.
Permit filings have risen on a year-over-year basis for eight straight months. February increases were seen in seven of the area’s nine counties, with the only decreases in Hendricks and Madison counties.
“We’re thrilled to see this continued trend of positive growth within the central Indiana new home construction market,” said BAGI CEO Steve Lains in written remarks. “We continue to watch the ever-fluctuating interest rates and supply chain conditions but remain optimistic that the market is entering a time of overall recovery and stability as we begin the second quarter.”
February single-family building permits filings by county and year-over-year increase:
Hamilton: 226 (+38%)
Marion: 134 (+139%)
Boone: 82 (+105%)
Hendricks 66 (-8%)
Hancock: 49 (+4%)
Johnson: 31 (+29%)
Morgan 19 (+90%)
Madison: 14 (-7%)
Shelby: 11 (+175%)
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