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Remodeling Permits at Highest Level in Seven Years

                         

People continue to have an interest in the condition of the economy.  The most read and reposted article on our website blog at this writing is, “Choose Made in America to Boost Our Economy.” Thankfully, there are many national indicators that the economy is doing better.  Over 200,000 jobs were added in December, and unemployment levels are dropping. Retail sales had a 15% increase in pre-Christmas purchases compared to 2010, and a 25% increase in spending in the post-Christmas sales.  In 2011, auto sales were up 10.6% over 2010. What about statistics in home remodeling?

Cook Remodeling subscribes to a remodeling index that has been reporting on the number of construction permits filed regionally and nationally since April 2004.  The BuildFax Remodeling Index  tracks the number of properties permitted and averaged over a three month period.  The lowest number of building permits filed was in February of 2009 (then there were high levels of unemployment, and the stock market was at an 11 year low).  What does the report have to say about the economy since then?

  • Since February 2011, the number of properties undergoing remodeling has increased every month, showing the longest consecutive positive trend.
  • Starting in May 2011 and every month reported thereafter, there were more remodeling building permits issued than in any month since April 2004 when the reporting started.
  • The highest number of remodeling building permits issued in the last seven years was in October 2011 (latest report at the time of this post).
  • The number of properties remodeled has increased 45.57% since the beginning of 2011, showing remarkable month over month gains.
  • The West Region (the states north of New Mexico and west), shows for the last 24 months the number of  building permits has increased 52.5%, 12.5% better than the national average.

The data indicates that the number of homeowners that are doing their home remodeling projects are at the highest levels in more than seven years, and that is good news! If you haven’t started, perhaps now it’s time to get your home remodeling projects done to help make your life easier and more enjoyable. Make a list of how you want your home to work for you, not against you, and consult with a remodeling design professional to complete your plan.

Happy Home Remodeling!

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