Data from the latest release of the BuildFax Remodeling Index showed residential remodels authorized by building permits posted a seasonally adjusted annual rate of 2,725,000 in June. This rate represents a 1 percent decline from June 2011 and a 6 percent decline from May.
Regional results for the month were mixed — the Northeast showed the greatest year-over-year gains at 7 percent while the Midwest and West were both down 9 percent. Residential remodels were up 1 percent in the South from June 2011.
"Remodeling growth is slowing down, but we still estimate that more residential remodeling projects will be permitted in 2012 than in 2011," said Joe Emison, Vice President of Research and Development at BuildFax.
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.