Remodeling is on the Rise

Although the first half of 2011 was painful for many economic sectors, including home sales, Americans have a new passion for remodeling their homes, sending the BuildFax Remodeling Index to a new all-time high, according to Joe Emison, vice president of research and development at BuildFax, who was quoted in a blog by Calculated Risk Finance & Economics.

Data Release: August 15, 2011

The Residential BuildFax Remodeling Index rose 23% year-over-year--and for the twentieth straight month--in June to 129.5, the highest number in the index to date. Residential remodels in June were up month-over-month 5.2 points (4%) from the May value of 124.3, and up year-over-year 24.5 points from the June 2010 value of 105.0.

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.

For more information about remodeling, contact G.L. Scrivens today.

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