Area homebuilders see surge in demand to start 2024

The Indianapolis-area homebuilding industry got off to a fast start in 2024, with applications for new home construction surging 77% in January on a year-over-year basis.

Builders in the nine-county area filed 717 single-family building permits in January, up from 406 during the same month of 2023, according to the latest statistics from the Builders Association of Greater Indianapolis.

It was only the second time more than 700 permits have been filed in January since 2006—the year before the start of the Great Recession.

Permit filings have risen on a year-over-year basis for seven straight months. January increases were seen in seven of the area’s nine counties, with big jumps in Hamilton, Hancock and Johnson counties.

January single-family building permits filings by county

Hamilton: 248 (+116%)

Marion: 111 (+66%)

Johnson: 78 (+333%)

Hancock: 78 (+189%)

Hendricks 78 (+95%)

Boone: 74 (-12%)

Madison: 23 (-38%)

Morgan 19 (+46%)

Shelby: 8 (+60%)