Data Release: November 21, 2012
Residential remodels authorized by building permits in the United States in September were at a seasonally-adjusted annual rate of 2,701,000. This is 12% percent below the revised August rate of 3,063,000 and is 5 percent below the September 2011 estimate of 2,854,000.
Regional Residential Remodeling
Seasonally-adjusted annual rates of remodeling across the country in September 2012 are estimated as follows: Northeast, 647,000 (down 17% from August and down 3% from September 2011); South, 1,121,000 (down 12% from August and up 12% from September 2011); Midwest, 474,000 (down 12% from August and down 24% from September 2011); West, 727,000 (down 10% from August and down 10% from September 2011).
Viewing the Economic Recovery Through Remodels
“September was a rough month for residential remodeling, but early returns from October appear to show an unusual jump, so we may just be seeing a significant percentage of deferred jobs,” said Joe Emison, Chief Technology Officer 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.