The request for single-family housing building permits reached a level in 2018 that hadn’t been matched since 2003. In all, 114 permits were issued last year, the most since 151 were handed out in 2003.
“Residential construction continues to be a good indicator of economic growth,” said Mayor Greg Goodnight. “The increase in permit requests reflects the fact that Kokomo is a great place to live, work and raise a family. Families are choosing Kokomo.”
The requests for single-family housing building permits have increased eight of the last nine years since dipping into the single digits in 2009.
“We expect the trend to continue,” said Goodnight. “The demand for quality housing remains in Kokomo, so the addition of new single-family homes is addressing that desire and need.”
The increase in Kokomo bucks a national trend, coming at a time when single-family housing starts are on a decline nationally. The U.S. Commerce Department reported that Single-family starts dropped 4.6% in November and were down 13.1% from 2017.
The latest monthly report by the Indiana Association of Realtors shows that the number of new listings as well as closed sales continues to increase. The median sales price for a new home in Howard County rose in November, an increase of 1.8% over last year.