CLIPBOARD : Alterations Alter Building Picture

Residential alterations and additions ate breaking into the home building quotient in a bigger way than they have before. Six months into the year, the period for which the most recent information is available, 17% of the value of all residential building permits issued was for changes or additions to existing homes. That’s nearly three times the percentage for the comparable period four years ago. In fact, the six-month percentage marked for alterations has climbed steadily since 1988.

The comparable percentages for both single- and multifamily homes have gyrated around a bit. Here’s how the percentages for the three categories compare after six months for each of the last four years:

Single- Family Multifamily Alterations/ Year Homes Homes Additions 1991 61% 22% 17% 1990 47% 40% 13% 1989 62% 28% 10% 1988 67% 27% 6%

Source: Construction Industry Research Board