INDIANAPOLIS – Building permits for new single-family homes in the state remained flat in July when compared to June.
The Indiana Builders Association, citing U.S. Census Bureau data, said 1,497 building permits for new homes were issued in July, which is statistically unchanged from 1,493 permits pulled in June.
July’s total, however, is a 14 percent increase when compared to July 2017 when 1,310 new building permits were issued across the state.
For the year, building permits for new homes year-to-date through July are ahead of last year’s pace. A total of 9,700 building permits have been issued this year, a 7 percent increase when compared to the same time a year ago.
Last month, the state builder’s group expressed concern when June’s new building permit numbers dropped 10 percent from May’s total. The association said 1,493 new building permits were issued in June down from 1,663 issued in May.
In June the association blamed rising lumber and labor costs on the slowing of new home construction.
The association said the home building industry already is experiencing the effect of higher lumber prices due to tariffs averaging more than 20 percent placed on Canadian softwood lumber shipments into the U.S.
Rising lumber prices since the beginning of 2017 has increased the price of a new single-family home by more than $6,000, the association said.