The BuildFax Remodeling Index rose 33.5 percent from November 2010-11, the construction data company reported. The index, which sits at 137.9, dropped from a record high of 147.57 in October.
“Residential remodeling in 2011 grew substantially above 2010 rates and remained strong through the end of the year,” said Joe Emison, vice president of research and development at BuildFax. “However, we do expect to see the number of remodeling permits decrease on a month-over-month basis for the duration of the winter.”
Regionally, permits were up for the previous 12 months in the West (43 percent), Midwest (13.1 percent) and South (10.6 percent) but down in the East by 6.8 percent.
The index is based on construction permits filed with local building departments, tracking the number of properties. It dates to April 2004 and is based on a three-month moving average.
Here is the index, from its inception in April 2004:
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