Even as many housing market indicators wove confusingly in and out of negative territory, the residential BuildFax Remodeling Index (BFRI) managed 19 consecutive months of increases through May, when it posted a 124.3 index rating – the highest BFRI reading yet and 22.1% over the reading for May 2010.
In a press summary released this week, the construction data specialist reported that its index of residential remodels climbed 13% (14.6 points) since April, when it posted at 109.7 points. Based on information derived through building permit activity filed with local building departments across the country, the BFRI for May also showed improvements in regional month-over-month breakdowns of the data, with the Northeast up 9.8 points (12%) since April, the South up 7.3 points (7%), the Midwest up 16.3 points (18%), and the West up 8.7 points (7%).
The Midwest, however, continues to lag the other regions overall: its BFRI in April had risen 10.7 points since March, but that figure was still 16.9 points lower than the Midwest’s BFRI for April 2010, and the Midwest BFRI for May is still 10.6 points (11%) shy of the May 2010 reading.
Still, Joe Emison, vice president of research and development at BuildFax, said the BFRI results suggest that remodeling will remain a relatively strong driver of construction-related activity. “Based on the trends from the first months of this year, we expect to continue seeing strong gains from coast to coast,” he said.
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Remodeling activity in May continued to show month-to-month and year-over-year gains nationwide, according to the residential BuildFax Remodeling Index.
