Residential remodeling activity rose 23% in June 2011 in year-over-year comparisons, according to an index compiled by BuildFax, a national database of building permit data. It was the 20th straight month of increases and the highest level of remodeling activity since the index was introduced in 2004.
Most regions of the country posted year-over-year gains. In June, the West grew by 6%, the Midwest by 13%, and the South by 1% in month-over-month gains. Only the Northeast saw a decline in remodeling activity, by 4%.
"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, VP 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."
Based in Austin, Texas, BuildFAX derives its remodeling index on monthly building permit activity filed with local building departments across the country.