INDIANAPOLIS (Inside INdiana Business) — The Builders Association of Greater Indianapolis says single-family building permits dropped 15% in November.
The organization says 472 permits were issued in the nine-county region last month, down from 556 during the same month last year.
Five of the nine counties saw decreases in permits in November, with Shelby and Johnson counties leading the way at 40% each. Madison County saw the biggest increase in permits at 113%.
“The architectural standards and zoning commitments for new developments are putting new homes out of reach for many buyers that would love to purchase a new home,” Steve Lains, chief executive officer of the BAGI, said in a news release. “Additionally, the time it takes to get new communities approved, developed and ready for permitting continues to grow. Without the right product and enough lots, builders simply cannot pull permits that would better reflect the demand in the market.”
Year-to-date, the region has seen 6,531 permits issued, a 2% drop from the same period in 2018.