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posted on 04 November 2016

Residential Remodelling Much Stronger Recovery Than New Construction

Written by

-- this post authored by Jack Cookson

Residential remodeling has recovered to 38% of the peak it attained prior to the Great Recession. New residential construction, on the other hand, is only at 17% of the peak.

home.remodel.380x240

The BuildZoom & Urban Economics Lab Index - a collaborative effort with MIT’s Center for Real Estate - has new insight on the housing recovery. The index complements coverage of October’s new construction numbers from the U.S.Census Bureau, adding a remodeling angle.

Here is the summary of the latest BuildZoom report:

  • Residential remodeling is arguably a better indicator of consumer sentiment than new construction, and is of similar importance as an indicator of national economic health.

  • Remodeling of existing homes is 14.4% above its 2009 housing bust level, but remains 17.3% below its 2005 housing boom level, and that new home construction is 40.6% above its 2009 level, but remains 59.4% below its 2005 level.

  • Year-over-year, residential new construction increased by 11.9% and residential remodeling decreased by 4.1%.

Below is a graphic covering both national indexes data followed by tables of regional data:

national.home.sales.indices.2016.octpermittingnew.homes.remodeling.2016.0ct

Below are graphics for the selected metro markets:

Click for larger images.

About the Author

jack.cookson.captionJack Cookson is a Research Analyst with BuildZoom. A San Francisco native, Jack is an urbanist who loves people, mobility, and geography. He believes in data as information that is made elegant through visualization. In his spare time, Jack enjoys surfing, skiing, rock climbing, and attending concerts.

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