Tuesday, March 19, 2013

Buildfax: Home remodeling activity up 41 percent in January

According the the home remodeling index from Buildfax, activity was up 15 percent nationwide, from January 2012 to January 2013, and it was up 41 percent in the U.S. West region during the same period.

According to the press release:

National Residential Remodeling
Residential remodels authorized by building permits in the United States in January were at a seasonally-adjusted annual rate of 3,569,000. This is 32 percent above the revised December rate of 2,707,000 and is 15 percent above the January 2012 estimate of 2,610,000.Regional Residential Remodeling
Seasonally-adjusted annual rates of remodeling across the country in January 2013 are estimated as follows: Northeast, 854,000 (up 35% from December and up 41% from January 2012); South, 1,413,000 (up 27% from December and up 14% from January 2012); Midwest, 540,000 (down 12% from December and down 24% from January 2012); West, 1,080,000 (up 54% from December and up 41% from January 2012).Viewing the Economic Recovery Through Remodeling
"January was a huge month for residential remodeling throughout most of the country, with gains that made up for weak Decembers in the South and West. Given the recent month-to-month volatility in remodeling project permits issued, it is likely that these seasonally-adjusted levels will not hold in future months," said Joe Emison, Chief Technology Officer at BuildFax.