Natural disasters contribute to elevated maintenance activity,
despite housing slowdown.
AUSTIN, Texas–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/economy?src=hash” target=”_blank”gt;#economylt;/agt;–The BuildFax Housing Health Report revealed continued declines in
single-family housing authorizations, while maintenance activity saw
minor gains after five months of consecutive declines. The increase is
partially attributed to elevated repairs following recent convective
storms across the country this spring. The report, which leverages U.S.
property condition and history data to deliver macro- and microeconomic
trends, includes a special preview into how the upcoming hurricane
season may encourage increased maintenance.
Housing Supply by Volume
- Single-family housing authorizations decreased by 8.23% year over year.
- Existing housing maintenance volume increased by 2.45% year over year.
- Existing housing remodel volume decreased by 0.95% year over year.
“Declines in single-family housing authorizations and maintenance
activity have moved in unison for five months,” said BuildFax CEO Holly
Tachovsky. “This April, we’re starting to see a split emerging with a
rise in maintenance activity. While there is always a spotlight on new
construction, maintenance is also a must-watch indicator – it reflects
the health of the existing housing stock, which comprises 90% of all
U.S. properties. This month’s maintenance gain is a positive sign amidst
a housing slowdown and we’ll be watching whether this activity remains
stable over time.”
Housing Slowdown Hasn’t Halted Hurricane Recovery
States impacted by the 2018 hurricane season are still experiencing the
tail end of rebuilding activity. North Carolina and South Carolina
maintenance activity increased 3.09% and 2.96% year over year in April,
respectively. Florida’s activity wasn’t as straightforward. Maintenance
activity in the state decreased 10.03% year over year, but this was due
to complexities surrounding overlapping effects of 2017’s Hurricane Irma
and 2018’s Hurricane Michael. See full analysis here.
The report also revealed five key factors that may affect 2019 hurricane
recovery. According to a recent analysis of 11 major hurricanes between
2000 and 2018, the average recovery period is 10.7 months. Amidst the
housing slowdown and with another potentially active hurricane season on
the horizon, it’s more important now than in years prior to monitor
recovery and its impact on the health of the U.S. housing stock.
For 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% 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 May 8, 2019.
Contacts
For BuildFax,
Ariel Miller, 413-636-3615
[email protected]
