As has been indicated in reports from the Joint Center on Housing and the National Association of Home Builders, home remodeling is emerging as a bright spot in the home construction industry. Now another source is indicating that the increase in home improvement projects is national in scope.
The BuildFax Remodeling Index(BFRI) reports that building permits for residential remodeling were authorized in February at a seasonally-adjusted annual rate of 2,894,000, an increase of 3 percent from the revised January rate of 2,811,000 and 23 percent higher than in February 2011 when the annual rate was 2,362,000.
These upbeat numbers are reflected in every region of the country. In the Northeast permits were up 24 percent from January to an annual rate of 627,000, 33 percent above the pace a year earlier. Permits in the South, issued at a rate of 1,194,000 reflected an increase of 3 percent month-over-month and a 25 percent increase from February 2011. The Midwest saw permits issued at an annual rate of 516,000, up 4 percent and 22 percent over the two earlier periods and in the West the increases were 9 percent and 21 percent for an annual rate of 830,000.