Remodeling Surges in May

Austin, TX, July 18, 2011 -- BuildFax said its remodeling index for May shows that remodeling had its highest level of activity since the index was introduced in 2004.

The report shows continued month-over-month gains for every region of the country, with data demonstrating that consumers are continuing to invest in remodeling, even as home prices continue to dip and unemployment continues to rise.

Residential remodeling activity registered the 19th straight month of year-over-year gains, BuildFax said.

The BFRI is based on building permit activity filed with local building departments across the country.

The May index rose 22 percent year-over-year to 124.3, the highest number ever in the index to date.

"Through the first five months of 2011 we have seen impressive gains within the remodeling index and May has continued that trend with a record setting month," said Joe Emison, vice president of research and development at BuildFax.

"Even with the continued struggles in the economy, the remodeling industry has been a bright spot, as consumers look to make upgrades to their current homes, rather than purchasing a new residence. Based on the trends from the first months of this year, we expect to continue seeing strong gains from coast to coast."