Residential remodels authorized by building permits in the United States in October were at a seasonally-adjusted annual rate of 2,932,000. This is 19% percent above the revised September rate of 2,454,000 and is 13 percent above the October 2011 estimate of 2,587,000.
Regional Residential Remodeling
Seasonally-adjusted annual rates of remodeling across the country in October 2012 are estimated as follows: Northeast, 512,000 (up 9% from September and up 17% from October 2011); South, 1,396,000 (up 30% from September and up 46% from October 2011); Midwest, 508,000 (up 11% from September and down 12% from October 2011); West, 739,000 (up 15% from September and up 3% from October 2011).
Viewing the Economic Recovery Through Remodeling
“October showed a dramatic increase in residential remodeling volume from September, which was significantly lower than prior months; it is most likely that some work was deferred, and, as such, both months should be considered at least slightly anomalous,” 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. For more details and historical index values, please visit http://index.buildfax.com/.
BuildFax is the creator of the first and only national database of historical building permit data. Headquartered in Asheville, North Carolina, BuildFax has created a proprietary property intelligence engine that contains building and permitting information from 5,000+ cities and counties throughout the country. As the best and only source of a structure’s “life story,” the BuildFax database continues to grow, currently covering over 60 percent of the U.S. commercial and residential building stock with over 6 billion data points.