The City of Westfield recently announced that 2020 was a record-breaking year for residential building permits. More than 1,060 permits were issued.
“These numbers are evidence that people want to be in Westfield. That speaks volumes on the quality of life here and our wonderful community,” Mayor Andy Cook stated. “As we bring in more homes, data shows that we are also adding more businesses to our local economy. All together, these are great indicators that we are doing things right in Westfield.”
Community Development Director Kevin Todd said building permits are an indicator that city might see more tax revenue in the future.
“As we continue to respond to the market, Westfield is seeing a mix of residential
and commercial activity,” Todd stated. “In fact, we also saw a record number of commercial permits 2020. This balance is important for city’s long-term financial strength.”
The Builders Association of Greater Indianapolis also saw in increase in the 2020 single-family building permits throughout the Greater Indianapolis area. BAGI announced there as a 24 percent increase over 2019 numbers. The data also notes Hamilton County to be the most active for new home construction with a 13 percent increase over 2019. Westfield led Hamilton County numbers, making up approximately 40 percent of the 2,607 permits issued county-wide.
According to BAGI, 2020 permits issued in the Greater Indianapolis region have created a total economic impact of more than $1.5 billion in local income, nearly $352.5 million in local taxes and 26,284 local jobs. The median price of new homes in the area in 2020 increased by 4 percent to $321,927, the highest of the decade.