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Residential remodels authorized by building permits in the United States in March were at a seasonally-adjusted annual rate of 2,731,000. This is 10 percent below the revised February rate of 3,026,000 and is 4 percent below the March 2012 estimate of 2,831,000.
Seasonally-adjusted annual rates of remodeling across the country in March 2013 are estimated as follows: Northeast, 577,000 (down 13% from February and down 25% from March 2012); South, 1,718,000 (up 51% from February and up 60% from March 2012); Midwest, 552,000 (down 21% from February and down 17% from March 2012); West, 532,000 (down 34% from February and down 21% from March 2012).
"Residential remodeling in March dropped significantly from February--except in the South, where it dramatically increased--indicating that we will likely continue to see a higher-than-normal amount of volatility around the number of permitted remodeling projects," said Joe Emison, Chief Technology Officer 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. The BFRI is seasonally-adjusted using the X12 procedure.
The BuildFax Remodeling Index is available as a monthly email with an Excel spreadsheet attachment. Each month's release contains the full list of historical values for the country and each of the four regions, going back to April of 2004. When you subscribe, you will receive the most recent release within one business day. Click here to subscribe for $150/year. You can also subscribe to the free data release mailing list, which delivers the information you see on this page by email each month.
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