COLUMBUS, Ind. — A report from the Indiana Builders Association says data from the U.S. Census Bureau shows single-family building permits ended 2016 at a nine-year high.
“The 2016 single-family building permits are the highest since 2008,” said Indiana Builders Association Chief Executive Officer Rick Wajda. “We expect to continue to see an increase in single-family home construction this year, fueled by a growing economy and solid job growth.”
Builder confidence remained robust across the Hoosier market as well. The index for January is at 67, two points lower than December. Any number over 50 is considered favorable.
Another factor buoying builder confidence is the forecast for mortgage rates in 2017. A report from the online publication themortgagereports.com/24339/january-2017-mortgage-rates-forecast-fha-va-conventional-loans says, rates may have already peaked for the year. Editors averaged six prominent forecasts and determined that 30-year fixed rates will likely hover between 4.00 and 4.25 percent in 2017.
