BuildFax Remodeling Index: Remodels rose 6 percent in May

Residential remodels authorized by building permits in May were at a seasonally adjusted annual rate of 2,663,000, according to the latest BuildFax Remodeling Index data, released Tuesday. This is 6 percent above the May 2011 estimate of 2,521,000 and 3 percent above the revised April rate of 2,579,000.

Seasonally-adjusted annual rates of remodeling across the country in May 2012 are estimated as follows: Northeast, 529,788 (up 3 percent from April and up 14 percent from May 2011); South, 1,010,000 (down 4 percent from April and up 2 percent from May 2011); Midwest, 510,000 (unchanged from April and down 1 percent from May 2011); West, 736,000 (up 7 percent from April and up 9 percent from May 2011).

The BuildFax Remodeling Index (BFRI) is based on construction permits for residential remodeling projects filed with local building departments across the country. The index estimates the number of properties permitted. The national and regional indexes are based upon a subset of representative building departments in the U.S. and population estimates from the U.S. Census.

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