2015 New Construction Moving in the Right Direction
It seems as though all the numbers are moving in the right direction. Builder Confidence is up once again, the 13th consecutive quarter of year over year improvements. We just reported at the Builders Association of Greater Indianapolis (BAGI) that January Permit numbers are up six percent over last year at this point, and according to the National Association of Home Builders, all segments of the market—single-family homes, condominiums and multifamily rental—registered increases compared to the same quarter a year ago. Additionally, the single-family index increased six points to a level of 54, which is the highest fourth-quarter reading since the inception of the index in 2008.
We can confidently say the economy is recovering and housing is recovering right along with it. In fact, an overall improving economy in central Indiana is a direct result of the stronger housing market. Residential construction is an often overlooked component of a region's overall economic growth and health. Historical trends prove that the strength of an area's overall economy is predicated on the strength and diversity of its housing market.
So, now that we see all the signs of a strong economy here in central Indiana and a growing housing market, what does that mean? In our opinion, it means it’s a perfect time meet that pent-up demand of the recession and start thinking about new construction. It’s not only a ripe economic state but it’s also a perfect time of year. Spring is on the horizon and builders are ready for the peak construction seasons ahead.
If you’re ready to being the new construction research, make your first destination www.bagi.com. You’ll find a detailed directory of builders and home inventory, searchable by price and area. Visiting bagi.com is a great way to get familiar with the local housing environment and get an idea of how the process looks.
Good luck and happy house hunting!