Home remodeling is growing, as home owners once again look to enhance their homes. Building permits for improvements to existing homes rose in July 16 percent higher than year-ago levels, according to recently released remodeling data released by BuildFax.
"The national upward trend in remodeling is unmistakable,” says Joe Emison, chief technology officer at BuildFax.
Remodeling activity has risen the most in the West, posting an 8 percent month-over-month increase in July and up 16 percent from one year ago. Remodeling activity was also on the rise in the South, increasing 6 percent month-over-month, and rising 3 percent in the Midwest.
However, a notable exception to rising activity in remodeling is in the Northeast, Emison notes. “Major cities (Boston, New York) have seen substantially less residential remodeling this year than last year, even though overall permit volumes have remained close to last year’s totals,” Emison says.
Remodeling activity in the Northeast plummeted 32 percent in July from June levels, and is down 52 percent from one year ago.
The BuildFax Remodeling Index is calculated based on construction permits for residential remodeling projects that are filed with municipalities across the country.
Source: BuildFax Remodeling Index and “3.5 Million Homes May be Remodeled This Year,” Mortgage News Daily (Sept. 17, 2013)
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