Residential Remodeling in March 2013
National Residential Remodeling
Residential remodels authorized by building permits in the United States in March were at a seasonally-adjusted annual rate of 2,731,000. This is 10 percent below the revised February rate of 3,026,000 and is 4 percent below the March 2012 estimate of 2,831,000.
Regional Residential Remodeling
Seasonally-adjusted annual rates of remodeling across the country in March 2013 are estimated as follows: Northeast, 577,000 (down 13% from February and down 25% from March 2012); South, 1,718,000 (up 51% from February and up 60% from March 2012); Midwest, 552,000 (down 21% from February and down 17% from March 2012); West, 532,000 (down 34% from February and down 21% from March 2012).
Viewing the Economic Recovery Through Remodeling
“Residential remodeling in March dropped significantly from February–except in the South, where it dramatically increased–indicating that we will likely continue to see a higher-than-normal amount of volatility around the number of permitted remodeling projects,” 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 visithttp://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.