AUSTIN, Texas--(BUSINESS WIRE)--Feb 19, 2019--The BuildFax Housing Health Report found single-family housing authorizations, maintenance and remodel volumes saw year over year decreases in January 2019. While single-family housing authorizations saw a slight uptick month over month, the year-over-year declines suggest consumer confidence is waning amid economic and global tensions. This is the third consecutive month primary indicators of new and existing housing activity have declined. The report, which leverages U.S. property condition and history data to deliver macro- and microeconomic trends, also revealed maintenance activity declines in states like Florida. The state’s recent declines follow heightened construction activity in 2018 following Hurricane Irma.
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Existing housing maintenance and remodeling, which encompass work on existing structures, has trended down for the past three months. In January 2019, maintenance volume decreased at a year-over-year rate of 6.47 percent. Existing remodel volume – a subset of maintenance that includes renovations, additions and alterations – decreased at a year-over-year rate of 10.85 percent.
Housing Supply by Volume
Single-family housing authorizations decreased by 3.48 percent year over year.Existing housing maintenance volume decreased by 6.47 percent year over year.Existing housing remodel volume decreased by 10.85 percent year over year.
“Declining construction activity during the last few months of 2018 has persisted into the new year,” said BuildFax COO Jonathan Kanarek. “January marks the third month of declines in new and existing housing supply. Given current economic conditions, including the recent government shutdown, sensitivity to interest rate increases and global market stressors, like ongoing trade negotiations, we were not surprised to see persistent declines in housing activity. It is yet to be seen if an easing of these external factors will alleviate the housing slowdown.”
The report also explores the effects of demolition activity on the U.S., highlighting states that have experienced the most demolition activity in recent years, including California, Florida and Michigan. While demolitions typically signify reinvestment in a region, they may also lead to abandoned projects if a housing slump is on the horizon.
For a look at more trends affecting the U.S. housing market, access the full report here. To learn more about BuildFax, visit www.buildfax.com.
ABOUT BUILDFAX
BuildFax, headquartered in Austin, Texas, is trusted by the largest insurance and financial institutions in the world to deliver business-critical property condition and history data. With the only database of its kind encompassing more than 23 billion data points on commercial and residential structures, BuildFax delivers detailed data on remodeling, solar installations, new construction, roof age, major systems, maintenance history and more. To learn more about BuildFax, visit www.buildfax.com.
METHODOLOGY: BuildFax conducted this study by examining properties in the U.S. between the years 2013 and 2019. Data only includes properties located within permitting authorities with 100 percent coverage during the above time frame. All percentage increase and decrease statistics leverage the same data set across time. Due to historical revisions made by permitting authorities, the data is subject to change. Estimates are as of February 8, 2019.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190219005183/en/
CONTACT: For BuildFax,
Sara Lasseter, 817-559-2870
sara@ink-co.com
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: BuildFax
Copyright Business Wire 2019.
PUB: 02/19/2019 08:00 AM/DISC: 02/19/2019 08:01 AM
http://www.businesswire.com/news/home/20190219005183/en
