Tag Archives: Construction permit

Residential Remodeling for May 2013 is Up 11%

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/.

About BuildFax

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.

Leave a comment

Filed under Residential Remodeling

CR: Housing Starts increase to 917 thousand SAAR in February

Housing Starts increase to 917 thousand SAAR in February

by Bill McBride on 3/19/2013 

From the Census Bureau: Permits, Starts and Completions

Housing Starts:
Privately-owned housing starts in February were at a seasonally adjusted annual rate of 917,000. This is 0.8 percent above the revised January estimate of 910,000 and is 27.7 percent above the February 2012 rate of 718,000.

Single-family housing starts in February were at a rate of 618,000; this is 0.5 percent above the revised January figure of 615,000. The February rate for units in buildings with five units or more was 285,000.

Building Permits:
Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 946,000. This is 4.6 percent above the revised January rate of 904,000 and is 33.8 percent above the February 2012 estimate of 707,000.

Single-family authorizations in February were at a rate of 600,000; this is 2.7 percent above the revised January figure of 584,000. Authorizations of units in buildings with five units or more were at a rate of 316,000 in February.

Total Housing Starts and Single Family Housing StartsClick on graph for larger image.

The first graph shows single and multi-family housing starts for the last several years.

Multi-family starts (red, 2+ units) increased slightly in February.

Single-family starts (blue) increased to 618,000 thousand in February and are at the highest level since June 2008.

The second graph shows total and single unit starts since 1968.

Total Housing Starts and Single Family Housing StartsThis shows the huge collapse following the housing bubble, and that housing starts have been increasing lately after moving sideways for about two years and a half years.

Total starts are up about 90% from the bottom start rate, and single family starts are up about 75% from the post-bubble low.

This was at expectations of 919 thousand starts in February. Starts in February were up 27.7% from February 2012; single family starts were up 31.5% year-over-year. Starts in December and January were revised up, and permits were strong. I’ll have more later, but this was another solid report.

Read more at http://www.calculatedriskblog.com/2013/03/housing-starts-increase-to-917-thousand.html#4OTpRLvXdhEDMegM.99

Leave a comment

Filed under Housing