Markets & Economy

New home construction still well below 2005 levels

BuildZoom's new indices show remodeling has surpassed precrisis levels, though

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Takeaways: New home permit activity in the U.S. remains 60.7 percent below 2005 levels. In contrast, activity in the remodeling industry (by permits pulled) has fully recovered from the housing bust and is 3.4 percent above its 2005 level. Four of the nation's five largest metros have seen noticeable year-over-year improvement in new home construction; however, these levels still significantly trail activity seen in 2005. The remodeling industry has fully recovered and surpassed its precrisis index levels, while new home construction activity is recovering at a slower rate. According to a new set of residential construction and remodeling indices launched by BuildZoom, new home permit activity remains 60.7 percent below 2005 levels. When comparing first-quarter 2015 to first-quarter 2014, new home construction declined by 0.3 percent. In contrast, activity in the remodeling industry (by permits pulled) has fully recovered from the housing bust and is 3.4 percent ab...