February home remodeling maintains post-recession high

By Andrew Scoggin

A measure of home remodeling rose in February for the third straight month as it continues to run counter to other readings of residential construction.

The BuildFax seasonally adjusted index climbed to 2.89 million projects in February data released Monday, gauged through the collection of building permits. It’s up 3% from a revised January total and 23% from a year earlier.

But February’s index actually fell from an initial January reading of roughly 3 million that BuildFax adjusted downward to 2.81 million.

The remodeling numbers still mark post-recession highs and outpace other measures of residential construction across the country. Total spending on residential buildings changed little in February from January, according to the Commerce Department, and remain far below housing-boom levels.

Homebuilder sentiment fell in April in a survey detailed Monday by the National Association of Home Builders.

Remodeling rose in monthly and year-earlier figures in all four regions of the country. The Northeast saw the biggest increases in projects at 24% from January and 33% from February 2011.

URL to original article: http://housingwire.com/news/february-home-remodeling-maintains-post-recession-highs

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