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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowWhile home construction hit a downturn nationally in July, builders continued to see growing demand for new homes in central Indiana.
Builders in the nine-county area filed 808 single-family building permits during the month, up 11% compared with July 2023, according to the latest statistics from the Builders Association of Greater Indianapolis, or BAGI.
For the first seven months of 2024, permit filings were up 27% compared with the same period of 2023, from 4,516 to 5,733.
BAGI also revised its permit number from June, raising it from 802 to 849 after a late surge in delayed numbers. The added numbers turned what had been 5% year-over-year decline in filings to an increase of one filing.
The revision means that permit filings have risen on a year-over-year basis for 13 straight months.
On a national basis, authorizations for single-family homes decreased 4% in July to the slowest pace in more than a year, the Commerce Department reported. The number of homes under construction dropped 6.8%, to the lowest level since April 2020.
Meanwhile, the latest index of builder sentiment from the National Association of Home Builders and Wells Fargo hit a low point for the year.
July single-family building permits filings by county and year-over-year change:
Hamilton: 251 (+13%)
Marion: 191 (+46%)
Boone: 75 (+60%)
Hendricks 46 (-59%)
Hancock: 767 (+77%)
Johnson: 109 (+148%)
Madison: 0 (-100%)
Morgan 44 (+47%)
Shelby: 16 (+45%)
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