BuildFax Remodeling Index for April Shows 18 Months of GrowthJune 15th, 2011 by DWM Magazine
BuildFax released its Remodeling Index for April 2011 revealing continued year-over-year gains this week. Data demonstrates that consumers are continuing to invest in remodeling, even while the economy continues to struggle and the real-estate market continues to experience sales decreases. The index also reveals that there were 10 percent more remodels in April 2011 compared to April 2004, the first month tracked by the index.
The April 2011 index rose 15 percent year-over-year—and for the eighteenth straight month—in April to 109.7, the highest April number in the index to date.
“April traditionally sets a baseline for the rest of the year in residential remodeling activity, and April 2011 is the best we’ve seen since the beginning of the index in April 2004,” says Joe Emison, vice president of research and development at BuildFax. “The BFRI is indexed to start at 100 in April 2004 and here we are seven years later, after significant drops in housing value, and the index is almost 110. That means there were almost 10 percent more residential remodels in April 2011 than in April 2004. Given the relatively pessimistic economic news that we heard about April, including a slowing recovery, this is a nice surprise for the industry.”
The West was up 16.8 points, the Midwest was down 16.9 points, the Northeast was up 3.2 points and the South was up 9.6 points.