May Sets Record for RemodelingJuly 19th, 2011 by DWM Magazine
The month of May 2011 saw the highest level of remodeling since 2004, according to the latest BuildFax Remodeling Index. The report looks at continued month-over-month gains for every region of the country. The report also indicates that residential remodeling activity registered the 19th straight month of year-over-year gains.
“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,” says Joe Emison, vice president of research and development at BuildFax. “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 9.8 points (12 percent), the South up 7.3 points (7 percent), the Midwest up 16.3 points (18 percent), and the West up 8.7 points (7 percent). Even though the Midwest was up month-over-month, it continues to lag the other regions (as it has for the past three months) in year-over-year performance, down 10.6 points (11 percent) year-over-year, according to the report. All other regions were up year-over-year, with the Northeast up 7.2 points (9 percent), the South up 9.5 points (10 percent), and the West up 20.7 points (21 percent).