Good news for contractors: Remodeling activity up in 2012

Source: Housingwire

Building permits authorizing home remodeling activity picked up in May, reaching a seasonally-adjusted rate of 2.6 million filed projects, 3% above April levels and up 6% from 2.5 million permits a year earlier. BuildFax, a national database of building permit data, released the remodeling data Tuesday. An uptick in remodeling activity is considered a possible boon for the construction industry since new activity has the potential put builders and contractors back to work. "Remodeling growth appears to be flattening out, although 2012 looks like it will still be significantly better than 2011," said Joe Emison, vice president of research and development at BuildFax. Remodeling permits picked up the most in the Northeast during the month of May with 529,788 permits filed, up 3% from April and 14% from last year. In the South, permits hit one million, down 4% from April, but up 2% from last year. Furthermore, in the Midwest, 510,000 permits were filed, which is unchanged from April, but down 1% from last year. And in the West, permits hit 736,000, up 7% from April and a 9% increase from a year earlier.

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