Residential Remodeling Continues To Trend Higher

Austin, TX, Oct. 18, 2011 -- Remodeling activity reached a record high in August, according to property history firm BuildFax.

The firm said that this year permits for residential remodeling projects will total 3.3 million, up from last year's total of 3.1 million.

BuildFax said its remodeling index show that August remodeling activity was the highest since the index was introduced in 2004 and represented the 22nd consecutive month of increases.

"As mortgage rates hit record lows, it is apparent that millions of Americans are refinancing their homes and using some of their new monthly savings to reinvest in their homes with remodeling projects," said Joe Emison, vice president of research and development at BuildFax.

"With remodeling activity growing at an estimated 9.5 percent in 2011 compared to 2010, this is one segment of the economy that is showing continued strength, even as other sectors struggle."

The Residential BuildFax Remodeling Index rose 29% year-over-year, BuildFax said.