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Building permits remain strong in central Indiana

A carpenter aligns a beam for a wall frame at a new house site in Madison County, Miss., Tuesday, March 16, 2021. U.S. home construction fell by a bigger-than-expected amount in April but the drop came after housing had risen to the highest level in 15 years. The Commerce Department said Tuesday, May 18, that construction dropped 9.5% in April to a seasonally adjusted annual rate of 1.57 million units. % in April to an annual rate of 1.76 million units, a good sign that the April dip in construction will be temporary. (AP Photo/Rogelio V. Solis)

INDIANAPOLIS (Inside INdiana Business) — Five months into the year, there appears to be no letup in new home construction in central Indiana. The Builders Association of Greater Indianapolis says single-family building permits are up 53% over April 2020 for the nine-county area.

In April, 992 permits were issued, compared to 647 during the same period last year.

“Record low-interest rates continue to drive demand for new homes in our market,” said Steve Lains, BAGI chief executive officer. “As supply and labor costs increase and materials and lots remain in short supply, these interest rates have been the equalizer to offset increases in home prices.”

To date, approximately 3,700 permits have been issued in the nine-county area. About one-third of those were issued in Hamilton County.

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