Remodeling index shows record level of activity
The latest BuildFax Remodeling Index, detailing remodeling activity from May 2011, indicates that residential remodeling activity registered the nineteenth-straight month of year-over-year gains. The May 2011 index rose 22 percent year-over-year to 124.3, the highest number in the index to date.
"Through the first five months of 2011, we have seen impressive gains within the remodeling index, and May has continued that trend with a record-setting month," said Joe Emison, BuildFax VP of Research and Development, in a July 18 release. "Even with the continued struggles in the economy, the remodeling industry has been a bright spot, as consumers look to make upgrades to their current homes, rather than purchasing a new residence. Based on the trends from the first months of this year, we expect to continue seeing strong gains from coast to coast."
All regions were up month-over-month, with the Northeast up 12 percent, the South up 7 percent, the Midwest up 18 percent, and the West up 7 percent. Even though the Midwest was up month-over-month, it continues to lag the other regions, according to the release.