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Harvard University's Joint Center for Housing Studies' Remodeling Futures Program has released its list of the fastest growing remodeling markets based on 2005 permit values.
Analysis of 2005 remodeling permit trends shows sizeable growth in permit value for most major metro areas, with many of the fastest-growth areas concentrated along the east coast. The value of remodeling permits for the nation grew at a rate of 11.2 percent in 2005. Miami (39.5 percent); Phoenix (32.6) and Tampa, Fla. (26.7) topped the list, followed by Baltimore (20.9); Washington, D.C. (20.7); New York (18.5); Pittsburgh (15.7); St. Louis (15.6); Portland, Ore. (13.9); and San Francisco (13.6) in the top 10 metro areas.
The majority of the largest metro areas in the U.S. experienced some growth in remodeling activity in 2005. A comparison between 2004 and 2005 growth rates showed that nine of the 13 cities with the greatest growth in 2004 remained in the top 13 in 2005. Seven of these nine metro areas experienced the same or better percentage point increases in remodeling permit values in 2005. By region, these "high performing" markets include Portland, Ore.; San Francisco; Riverside, Calif.; Phoenix; Miami; Baltimore; Washington, D.C.; Philadelphia and New York.
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