Remodeling Activity Improved Slightly in May

Remodeling increased in May to arnseasonally adjusted annual rate of 2,663,000. rnThis represents a 3 percent increase from the April rate of 2,579,000rnand, according to BuildFax which released its Remodeling Index (BFRI) onrnTuesday, is 6 percent higher than in May 2011 when the rate was estimated atrn2,521,000.</p

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BFRI uses construction permits forrnresidential remodeling projects filed with local building departments to basernan estimate of the number of properties for which remodeling is scheduled.  </p

On a regional basis the Index was mixed.rn In the Northeast it rose 3 percent fromrnApril to 529,788, 14 percent above the level in May 2011.  The South, at 1,010,000, was down 4 percentrnmonth-over-month but up 2 percent year-over-year.  In the Midwest the Index was 510,000, unchangedrnfrom the previous month and down 1 percent from May 2011.  The greatest change was in the West where thernBFRI rose 7 percent to 736,000, a 9 percent annual increase. </p

“Remodeling growth appears to bernflattening out, although 2012 looks like it will still be significantly betterrnthan 2011,” said Joe Emison, Vice President of Research and Development atrnBuildFax.

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