Residential Remodeling in July 2013
National Residential Remodeling
Residential remodels authorized by building permits in the United States in July were at a seasonally-adjusted annual rate of 3,514,000. This is 2 percent above the revised June rate of 3,460,000 and is 16 percent above the July 2012 estimate of 3,025,000.
Regional Residential Remodeling
Seasonally-adjusted annual rates of remodeling across the country in July 2013 are estimated as follows: Northeast, 476,000 (down 32% from June and down 52% from July 2012); South, 1,303,000 (up 6% from June and up 4% from July 2012); Midwest, 1,076,000 (up 3% from June and up 80% from July 2012); West, 868,000 (up 8% from June and up 16% from July 2012).
Viewing the Economic Recovery Through Remodeling
“The national upward trend in remodeling is unmistakable,” said Joe Emison, Chief Technology Officer at BuildFax, “with the notable exception of the Northeast, in which the major cities (Boston, New York) have seen substantially less residential remodeling this year than last year, even though overall permit volumes have remained close to last year’s totals.”
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.