Remodeling slows during the holidays
Residential remodeling activity rose 22.8% year-over-year in December 2011, according to an index compiled by BuildFax, a national database of building permit data. Residential remodels in December were down month-over-month by 7.6% but up year-over-year 23.6 points from the December 2010 value of 103.8.
All regions showed losses in month-over-month figures. In December 2011, the West declined 5.3%, the Midwest 13.8%, the Northeast 1.3% and the South 5.8%. Regions that showed annual gains from December 2010 were the West (31.7%), the Midwest (9.8%) and the South (5%). The Northeast dropped again by 3%.
“Remodeling activity slowed from November to December 2011 as it did in 2010 ─ an expected change seen in previous years around the holidays,” said Joe Emison, VP research and development at BuildFax. “The BuildFax Remodeling Index is still showing notable year-over-year growth,” he added.