National Residential Remodeling
Residential remodels authorized by building permits in the United States in January were at a seasonally-adjusted annual rate of 3,569,000. This is 32 percent above the revised December rate of 2,707,000 and is 15 percent above the January 2012 estimate of 2,610,000.
Regional Residential Remodeling
Seasonally-adjusted annual rates of remodeling across the country in January 2013 are estimated as follows: Northeast, 854,000 (up 35% from December and up 41% from January 2012); South, 1,413,000 (up 27% from December and up 14% from January 2012); Midwest, 540,000 (down 12% from December and down 24% from January 2012); West, 1,080,000 (up 54% from December and up 41% from January 2012).
Viewing the Economic Recovery Through Remodeling
“January was a huge month for residential remodeling throughout most of the country, with gains that made up for weak Decembers in the South and West. Given the recent month-to-month volatility in remodeling project permits issued, it is likely that these seasonally-adjusted levels will not hold in future months,” 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.