May permit numbers down 1% from May of 2023; Down 20% from April of 2024; Up 26% for first five months of 2024

INDIANAPOLIS (June 27, 2024) - The U.S. Census Bureau’s most recent data on building permits issued in Indiana show a slowdown in the housing sector for the first time this year. According to the data, 1,661 single-family permits were pulled in May 2024 – a 20% decrease compared to the 2,073 permits pulled in April 2024. The May 2024 figure also depicts a 1% decline from the 1,677 permits issued in May 2023.

Despite these recent declines, the industry has seen a notable 26% increase in permit numbers for the first five months of 2024 compared to the same period last year. 8,117 single-family permits have been issued in 2024 so far, compared to 6,459 during the same period in 2023.

Rick Wajda, CEO of the Indiana Builders Association, commented on the data, saying: “While the month-to-month and year-over-year figures show some slowdown, the overall growth we've seen in the first five months of 2024 is encouraging. The 26% increase compared to last indicates that there is still strong demand and a positive outlook for the housing sector in Indiana.”

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ABOUT IBA: The Indiana Builders Association (IBA) is a statewide trade organization representing Indiana’s home building, remodeling, and light commercial construction industry. Established in 1952, IBA has 20 local affiliates across Indiana and is associated with the National Association of Home Builders in Washington, D.C. IBA educates and advocates for the construction industry to positively impact legislative, regulatory, and legal issues that affect housing affordability. More information can be found at www.buildindiana.org.