The residential remodeling market shows clear signs of recovery, with activity in most regions in 2010 returning to 2007 and early-2008 levels, according to the BuildFax Remodeling Index. The Northeast represented the most notable exception to this trend, researches note, with 2010 marking the fifth straight year of decline in the BFRI.
The new index has been created by BuildFax, a provider of building permit data based in Austin, Texas. In releasing its latest statistics, the firm states residential remodeling rose for the 14th straight month in December, up 18 percent year-over-year.
The last quarter of 2010 shows promise for increased remodeling activity in 2011,” says Scott Berman, President of Florida Window and Door. “The summer is always the trough of the seasonal remodeling cycle, and fourth quarter of 2010 was significantly better than 2009 in each division of our business.”
Researchers note that remodeling activity appears to be far more robust than the new housing market, which is still at less than half of its 2006 and 2007 volume and shows no sign of significant growth.