Residential Remodeling in August 2013
National Residential Remodeling
Residential remodels authorized by building permits in the United States in August were at a seasonally-adjusted annual rate of 2,987,000. This is 13 percent below the revised July rate of 3,434,000 and is 5 percent below the August 2012 estimate of 3,140,000.
Regional Residential Remodeling
Seasonally-adjusted annual rates of remodeling across the country in August 2013 are estimated as follows: Northeast, 616,000 (down 10% from July and down 35% from August 2012); South, 1,241,000 (down 8% from July and down 8% from August 2012); Midwest, 668,000 (down 38% from July and up 8% from August 2012); West, 760,000 (down 3% from July and flat from August 2012).
Viewing the Economic Recovery Through Remodeling
“The end-of-summer drop this year was both earlier and more severe than last year,” said Joe Emison, Chief Technology Officer at BuildFax, “but overall residential remodeling activity in 2013 still remains higher than it was in 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.