Residential Remodeling in November 2012
National Residential Remodeling
Residential remodels authorized by building permits in the United States in November were at a seasonally-adjusted annual rate of 2,695,000. This is 6% percent below the revised October rate of 2,865,000 and is 2 percent above the November 2011 estimate of 2,633,000.
Regional Residential Remodeling
Seasonally-adjusted annual rates of remodeling across the country in November 2012 are estimated as follows: Northeast, 400,000 (down 6% from October and equal to November 2011); South, 1,081,000 (down 18% from October and up 2% from November 2011); Midwest, 565,000 (up 10% from October and up 2% from November 2011); West, 739,000 (down 1% from October and up 3% from November 2011).
Viewing the Economic Recovery Through Remodeling
“In November, remodeling activity for the nation showed signs of settling down for the winter, with 2012 as the fourth year in a row that residential remodeling activity has increased,” 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