Remodeling Continues to Increase; Northeast Lags Country

BuildFax said that residentialrnremodeling increased by 1 percent from November to December and was up 9rnpercent from a year earlier.  Permits forrnremodeling were issued in December at a seasonally adjusted annual rate ofrn2,937,000 compared to 2,900,000 the previous month and 2,704,000 in December ofrn2014.</p

Forward looking indicators of remodelingrnactivity, both the Remodeling Market Index from the National Association ofrnHome Builders (NAHB) and the LIRA Index of the Remodeling Futures Program atrnthe Joint Center for Housing Studies at Harvard University, have predicted thatrnthe recent boom in remodeling will continue well into 2014 although both havernmoderated the rate of increase from their earlier projections. </p

According to BuildFax the seasonally-adjustedrnannual rates of remodeling across the country in December 2013 are estimated asrnfollows: Northeast, 570,000 (down 7% from November and down 27% from Decemberrn2012); South, 1,188,000 (up 1% from November and up 14% from December 2012);rnMidwest, 548,000 (down 10% from November and down 3% from December 2012); West,rn837,000 (up 13% from November and up 16% from December 2012).</p

“Except for the Northeast, allrnregions (and the nation as a whole) saw increases in residential remodelingrnactivity in 2013 over 2012″ said Joe Emison, Chief Technology Officer atrnBuildFax.</p

The BuildFax Remodeling Index (BFRI)rnis based on construction permits for residential remodeling projects filed withrnlocal building departments across the country and currently covers over 60rnpercent of the U.S. commercial and residential building stock with over 6rnbillion data points.

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