Residential Remodeling in May 2013
National Residential Remodeling
Residential remodels authorized by building permits in the United States in May were at a seasonally-adjusted annual rate of 3,560,000. This is 11 percent above the revised April rate of 3,201,000 and is 17 percent above the May 2012 estimate of 3,039,000.
Regional Residential Remodeling
Seasonally-adjusted annual rates of remodeling across the country in May 2013 are estimated as follows: Northeast, 721,000 (down 2% from April and down 25% from May 2012); South, 1,506,000 (up 9% from April and up 29% from May 2012); Midwest, 1,103,000 (up 55% from April and up 74% from May 2012); West, 723,000 (down 1% from April and down 6% from May 2012).
Viewing the Economic Recovery Through Remodeling
“Volatility in residential remodeling activity has continued through the first five months of 2013, with May showing significant gains from April in the South and Midwest, and modest drops in the West and Northeast,” 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.