Remodeling "Slowing Down" but Still on Track to Outpace 2011
Permits for remodeling were down sixrnpercent in June from one month earlier BuildFax said this morning. Remodels authorized by permit in the U.S.rndropped to a seasonally adjusted annual rate of 2.75 million in June comparedrnto 2.90 million in May and was 1 percent below the estimate of 2.753 million inrnJune 2011.</p
“Remodeling growth is slowingrndown, but we still estimate that more residential remodeling projects will bernpermitted in 2012 than in 2011,” said Joe Emison, Vice President ofrnResearch and Development at BuildFax. </p
BuildFax bases its Remodeling Indexrn(BFRI) on construction permits for residential remodeling projects filed with overrn5,000 local building departments across the country. </p
Activity was down in every regionrnfrom May to June and down on an annual basis in two regions. In the Northeast the annual rate was 692,000rnpermits, down 11 percent from May but up 7 percent from June 2011. In the South the month-over-month change wasrn-5 percent to 1.071 million permits, a 1 percent annual increase. The Midwest dropped 9 percent on both arnmonthly and annual basis to 487,000 units, and the West was off 8 percent and 9rnpercent respectively to 724,000 permits. rn
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