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Retrofit Activity Increases 23%, Hits Record Level
BuildFax says construction permits pulled for existing homes was up 23% in June for the 20th month in a row.
In a sign that continues to bode well for integrators focusing on the existing home/retrofit market, remodeling activity by U.S. homeowners hit a record level in June, up a whopping 23 percent over last year and up for the 20th month in a row, BuildFax says.
BuildFax just released its Residential BuildFax Remodeling Index that is based on construction permits filed with local building departments across the country. The index is at 129.5 (100 is the baseline that shows positive growth vs. contraction in terms of permits being pulled) compared to 105 last year.
Regionally, the West was up 6 percent, the Midwest up 13 percent, and the South up 1 percent in June vs. May, while the Northeast saw a decline of 4 percent. On the bright side, remodeling activity in the Northeast was up 2 percent vs. June of 2010, as was the West (up 24 percent) and the South (up 8 percent). The Midwest was down slightly year-over-year by 1 percent.
"The first half of 2011 brought pain to many sectors of the economy including home sales and jobs, however Americans continue to invest in remodeling, sending the BuildFax Remodeling Index to a new all-time high," says Joe Emison, vice president of research and development at BuildFax.
"With so many Americans unable to sell their current home, it is apparent that they are planning on staying in their current residences and are making renovations and upgrades."
BuildFax just released its Residential BuildFax Remodeling Index that is based on construction permits filed with local building departments across the country. The index is at 129.5 (100 is the baseline that shows positive growth vs. contraction in terms of permits being pulled) compared to 105 last year.
Regionally, the West was up 6 percent, the Midwest up 13 percent, and the South up 1 percent in June vs. May, while the Northeast saw a decline of 4 percent. On the bright side, remodeling activity in the Northeast was up 2 percent vs. June of 2010, as was the West (up 24 percent) and the South (up 8 percent). The Midwest was down slightly year-over-year by 1 percent.
"The first half of 2011 brought pain to many sectors of the economy including home sales and jobs, however Americans continue to invest in remodeling, sending the BuildFax Remodeling Index to a new all-time high," says Joe Emison, vice president of research and development at BuildFax.
"With so many Americans unable to sell their current home, it is apparent that they are planning on staying in their current residences and are making renovations and upgrades."
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About the Author
Jason has covered low-voltage electronics as an editor since 1990. He joined EH Publishing in 2000, and before that served as publisher and editor of Security Sales, a leading magazine for the security industry. He served as chairman of the Security Industry Association’s Education Committee from 2000-2004 and sat on the board of that association from 1998-2002. He is also a former board member of the Alarm Industry Research and Educational Foundation. He is currently a member of the CEDIA Education Action Team for Electronic Systems Business. Jason graduated from the University of Southern California.
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