INDIANAPOLIS (January 11, 2025) – The U.S. Census Bureau’s latest data on building permits shows a 13% increase in single-family permits issued in November 2024 compared to the same month in 2023. A total of 1,394 permits were pulled in November, up from 1,232 in November 2023. While November’s numbers reflect year-over-year growth, they represent a 32% decline from October 2024, when 2,059 permits were issued. Despite this month-over-month decrease, the overall trend for 2024 remains strong. Through the first eleven…

INDIANAPOLIS (January 13, 2025) – Indiana’s home builders experienced a strong year in 2024, with single-family building permits up 20% compared to 2023, making it one of the busiest years in the past decade. Statewide, 20,189 single-family permits were issued throughout the year, according to the latest data from the U.S. Census Bureau. This marks the first annual increase since 2021, a year that saw a surge in home building as buyers re-entered the market following pandemic-related disruptions. “The 20%…

Personal income increased by 0.4% in December, following a 0.3% rise in November and a 0.7% gain in October, according to the latest data from the Bureau of Economic Analysis. The gains in personal income were largely driven by higher wages and salaries. However, the pace of personal income growth slowed from its peak monthly…

Mortgage rates edged higher in January, with the average 30-year fixed-rate mortgage reaching 6.96%. Rates had been climbing steadily since mid-December—even surpassing 7%—before easing in recent weeks as the bond market stabilized following news that President Donald Trump postponed tariffs plans to February 1. According to Freddie Mac, the average rate for a 30-year fixed-rate…

Real GDP growth slowed in the fourth quarter of 2024, but the economy finished the year at a solid rate. While consumer spending continued to drive growth, gross private domestic investment detracted over a full percentage point mainly due to a decline in private inventories. According to the “advance” estimate released by the Bureau of Economic…

Housing’s share of the economy remained unchanged at 16.2% in the fourth quarter of 2024, according to the advance estimate of GDP produced by the Bureau of Economic Analysis. For the year, housing’s share of the economy was 16.2%, up from 16.0% in 2023 and down from 16.5% in 2022. The more cyclical home building…

In a widely anticipated announcement, the Federal Reserve paused on rate cuts at the conclusion of its January meeting, holding the federal funds rate in the 4.25% to 4.5% range. The Fed will continue to reduce its balance sheet, including holdings of mortgage-backed securities. The Fed noted the economy remains solid, while specifying a data…

Nonfarm payroll employment increased in 42 states and the District of Columbia in December compared to the previous month, while it decreased in seven states. Wyoming reported no change during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 256,000 in December, following a gain of 212,000 jobs…

On a year-over-year basis, home prices grew at a rate of 3.75% for November, according to the S&P CoreLogic Case-Shiller Home Price Index (NSA). This marks an increase from the 3.59% growth rate recorded in October but is down from a peak of 6.54% in March 2024. By Metro Area In addition to tracking national…

A limited amount of existing inventory along with solid demand helped new home sales end the year on an up note, even as buyers continue to grapple with housing affordability challenges. Sales of newly built, single-family homes in December increased 3.6% to a 698,000 seasonally adjusted annual rate from an upwardly revised November number, according…