Wednesday, July 17, 2013

Buildfax: May remodeling index shows 6 percent decline in U.S. West

According to the Buildfax remodeling activity index for May 2013, home remodeling activity was up 17 percent form May 2012 to May 2013. 

In the US West region, activity was down 6 percent over the same period.

According to the press release:

National Residential RemodelingResidential 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.

There has been no obvious trend in remodeling activity in the West in recent months, as year-over-year changes have swung between a 41% year over year increase in January of this year, to a 21 percent decline in March of this year.