Remodeling activity reached record levels in August, reports BuildFax. It marks the highest level of activity since 2004; it was also 22nd consecutive month of increases. We’re on track for an estimated 3.3 million permitted remodeling projects this year, up from 3.1 million project in 2010.
“As mortgage rates hit record lows, it is apparent that millions of Americans are refinancing their homes and using some of their new monthly savings to reinvest in their homes with remodeling projects,” said BuildFax vice president of research Joe Emison. “With remodeling activity growing at an estimated 9.5 percent in 2011 compared to 2010, this is one segment of the economy that is showing continued strength, even as other sectors struggle.”
The Residential BuildFax Remodeling Index rose 29% year-over-year in August to 138.6 (meaning that 38.6 percent more remodeling jobs were permitted nationally in August 2011 than in April 2004, the first month the index tracked numbers). Residential remodels in August were significantly up month-over-month over 8 points (6.3%) from the July value of 130.4, and up year-over-year 31.2 points (29%) from the August 2010 value of 107.4.
