Thursday, May 16, 2013

Buildfax: Home remodeling activity in US West down 21 percent in March

According to Buildfax's residential remodeling index for March, activity was down 4 percent nationwide form March 2012 to March 2013. In the U.S. West region, activity was down 21 percent over the same period.

According to the press release:

National Residential Remodeling

Residential remodels authorized by building permits in the United States in March were at a seasonally-adjusted annual rate of 2,731,000. This is 10 percent below the revised February rate of 3,026,000 and is 4 percent below the March 2012 estimate of 2,831,000.

Regional Residential Remodeling

Seasonally-adjusted annual rates of remodeling across the country in March 2013 are estimated as follows: Northeast, 577,000 (down 13% from February and down 25% from March 2012); South, 1,718,000 (up 51% from February and up 60% from March 2012); Midwest, 552,000 (down 21% from February and down 17% from March 2012); West, 532,000 (down 34% from February and down 21% from March 2012).

Viewing the Economic Recovery Through Remodeling

"Residential remodeling in March dropped significantly from February--except in the South, where it dramatically increased--indicating that we will likely continue to see a higher-than-normal amount of volatility around the number of permitted remodeling projects," said Joe Emison, Chief Technology Officer at BuildFax.