3.5 Million Homes May be Remodeled this Year
Jann Swanson | Mortgage News Daily | Sep 17 2013 | link
Home remodeling appears to be growing even more steadily that other sectors of the residential construction industry. Building permits for improvements to existing residential buildings increased in July to a seasonally adjusted annual rate of 3.51 million. This is 2 percent above the revised June rate of 3.46 million and 16 percent higher than in July 2012. Permits then were issued at a seasonally adjusted annual rate of 3.03 million.
The remodeling data was released by BuildFax. Its Chief Technology Officer Joe Emison said, “The national upward trend in remodeling is unmistakable with the notable exception of the Northeast, in which the major cities (Boston, New York) have seen substantially less residential remodeling this year than last year, even though overall permit volumes have remained close to last year’s totals.”