Markets & Economy

BuildFax: New residential permit activity up, remodeling down

Home construction hits seasonally adjusted annual rate of 1.2 million permits in July

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Takeaways: New residential construction and remodeling activity -- measured by building permits pulled -- were down nationally in July when compared to June. Year over year, new residential permit activity is up 3 percent, while remodeling has declined by 6 percent. On a year-over-year basis, new residential permit activity is up 3 percent, while remodeling activity has declined by 6 percent, according to BuildFax. Residential new construction hit a seasonally adjusted annual rate of more than 1.2 million permits in July. The revised June 2015 rate was more than 1.3 million -- a 7 percent month-to-month decrease. July 2014 had an estimate of nearly 1.2 million. BuildFax notes it reports on total new residential projects, unlike the U.S. Census Bureau, which reports total number of housing units. Residential remodeling activity reached a seasonally adjusted rate of nearly 3.6 million permits, which is an 8 percent decline from the June rate of nearly 3.9 m...