Publication Date:
Tue, 2011-08-16 10:43
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The remodeling market continues to grow despite the ongoing challenges of the economy, according to the latest BuildFax Remodeling Index.
June's mark of 129.5 is the highest since BuildFax started tracking remodeling activity in 2004 and 23 percent higher than the June 2010 number. It was the 20th straight month that remodeling activity grew year-over-year, according to the index. The index was at 124.3 in May.
The BFRI measures remodeling activity by analyzing monthly building permits filed with local building departments across the country.
"The first half of 2011 brought pain to many sectors of the economy including home sales and jobs, however Americans continue to invest in remodeling, sending the BuildFax Remodeling Index to a new all-time high," said Joe Emison, vice president of research and development at BuildFax. "With so many Americans unable to sell their current home, it is apparent that they are planning on staying in their current residences and are making renovations and upgrades."
In June, the West (up 7.3 points/6 percent), the Midwest (up 11.2 points/13 percent), and the South (up less than < .1 points/1 percent) all had month-over-month gains, while the Northeast saw a decline (down 3.7 points/4 percent) from May. On a year-over-year basis, the Northeast was up 1.6 points (2 percent), as was the West (24.4 points/24 percent) and the South (7.6 points/8 percent). The Midwest was down slightly year-over-year (1 point/1 percent), but much less so than last month (10.6 points; 11%).
