BuildFax has unveiled its BuildFax Remodeling Index (BFRI) for August 2011, showing that remodeling activity reached a record high during the month. BuildFax also released data showing, based on its national footprint of permit data, an estimate of more than 3.3 million residential remodeling projects will be permitted in 2011. This figure is up from the estimated 3.1 million residential remodeling projects that were permitted in 2010, almost a 9.5 percent increase.
The Residential BuildFax Remodeling Index rose 29 percent year-over-year—and for the twenty-second straight month—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 percent) from the July value of 130.4, and up year-over-year 31.2 points (29 percent) from the August 2010 value of 107.4.
The BFRI is the only source directly reporting residential remodeling activity across the nation with monthly information derived through related building permit activity filed with local building departments across the country. The monthly report provides month-over-month and year-over-year comparisons on trends in remodeling activity for the entire United States, as well as for the four major regions of the country: Northeast, South, Midwest, and West.