Monday, August 19, 2013

Buildfax remodeling index: U.S. West regional remodeling down 4 percent in June

According to the June remodeling index numbers from Buildfax, home remodeling activity was up 21 percent, year over year during June 2013. Meanwhile, activity in the West region was down slightly.

According to the press release:
National Residential Remodeling
Residential remodels authorized by building permits in the United States in June were at a seasonally-adjusted annual rate of 3,447,000. This is 1 percent below the revised May rate of 3,492,000 and is 21 percent above the June 2012 estimate of 2,844,000. 
Regional Residential Remodeling
Seasonally-adjusted annual rates of remodeling across the country in June 2013 are estimated as follows: Northeast, 658,000 (down 11% from May and down 28% from June 2012); South, 1,327,000 (down 3% from May and up 28% from June 2012); Midwest, 992,000 (down 8% from May and up 71% from June 2012); West, 702,000 (down 4% from May and down 4% from June 2012). 
Viewing the Economic Recovery Through Remodeling
"With such month-to-month volatility, the traditional month-over-month and year-over-year metrics aren't as useful as they have been in capturing residential remodeling trends," said Joe Emison, Chief Technology Officer at BuildFax. "Instead, it is easier to see an overall gradual improvement in the observation that in the 12 months ending June 2013, we see as 6% increase nationally in permitted residential remodeling projects versus the 12 months prior to that (ending in June 2012)."