Residential remodels authorized by building permits in the United States in June were at a seasonally-adjusted annual rate of 3,447,000. This is 1 percent below the revised May rate of 3,492,000 and is 21 percent above the June 2012 estimate of 2,844,000.
Regional Residential Remodeling
Seasonally-adjusted annual rates of remodeling across the country in June 2013 are estimated as follows: Northeast, 658,000 (down 11% from May and down 28% from June 2012); South, 1,327,000 (down 3% from May and up 28% from June 2012); Midwest, 992,000 (down 8% from May and up 71% from June 2012); West, 702,000 (down 4% from May and down 4% from June 2012).
Viewing the Economic Recovery Through Remodeling
“With such month-to-month volatility, the traditional month-over-month and year-over-year metrics aren’t as useful as they have been in capturing residential remodeling trends,” said Joe Emison, Chief Technology Officer at BuildFax. “Instead, it is easier to see an overall gradual improvement in the observation that in the 12 months ending June 2013, we see as 6% increase nationally in permitted residential remodeling projects versus the 12 months prior to that (ending in June 2012).”
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.