Residential Remodeling in July 2012
National Residential Remodeling
Residential remodels authorized by building permits in the United States in July were at a seasonally-adjusted annual rate of 3,144,000. This is 6 percent above the revised June rate of 2,975,000 and is 15 percent above the July 2011 estimate of 2,725,000.
Regional Residential Remodeling
Seasonally-adjusted annual rates of remodeling across the country in July 2012 are estimated as follows: Northeast, 765,000 (up 11% from June and up 31% from July 2011); South, 1,420,000 (up 24% from June and up 29% from July 2011); Midwest, 507,000 (down 4% from June and up 1% from July 2011); West, 846,000 (up 2% from June and up 9% from July 2011).
Viewing the Economic Recovery Through Remodeling
“Remodeling activity rebounded in July after a slower June, and residential remodeling activity in 2012 remains significantly above what we saw in 2011,” said Joe Emison, Vice President of Research and Development at BuildFax.
About the BuildFax Remodeling Index
The BuildFax Remodeling Index (BFRI) is based on construction permits for residential remodeling projects filed with local building departments across the country. The index estimates the number of properties permitted. The national and regional indexes are based upon a subset of representative building departments in the U.S. and population estimates from the U.S. Census. The BFRI is seasonally-adjusted using the X12 procedure. For more details and historical index values, please visithttp://index.buildfax.com/.