“Fundamentally, permits serve as the documentation for construction in the U.S. When a contractor pulls a permit, the construction – new construction or remodel – is reviewed and approved by the local building department,” - BuildFax CEO, Holly Tachovsky
Asheville, NC (PRWEB) August 26, 2015
BuildFax, the industry leader and creator of the first automated source for building permit records, hits 8 trillion in reported job costs in its database of construction records this month. The company’s residential and commercial construction database continues to grow, and now includes building permit intelligence on more than 185 million permits, with over 270 million inspections, covering greater than 90 million properties across the country, and reporting over 10 billion data points– generating the nation’s largest database of historical building permit records.
BuildFax’s database provides unrivaled property-level details on property events such as major remodels, additions, and new roofs to help insurance carriers, inspectors, appraisers, lenders, realtors and home buyers/sellers better assess risk and value on a property as it changes over time.
”Fundamentally, permits serve as the documentation for construction in the U.S. When a contractor pulls a permit, the construction – new construction or remodel – is reviewed and approved by the local building department,” says Holly Tachovsky, CEO of BuildFax. “As a result, building permits serve as an unbiased, third party record of construction on a property over time. They are a phenomenal data resource for the entire real estate ecosystem – from buyers and sellers to insurance companies and lenders.”
Building permits are used to analyze the condition of a specific property over time, providing decision insight, and empowering better property decisions through the use of validated documentation. For example, on a micro level, permits can provide information on the age of a roof or indicate major remodeling for a specific property. Permit data can also serve as a proxy for economic activity, providing intelligence into how economic trends affect the nation at the community level. The data collected illustrates the types of permits that are being issued in different parts of the country, showing gentrification, adoption of solar technology, increases in commercial construction activity, and many other powerful insights to help understand and improve communities. Therefore just as permits provide specific property information on a micro level, on a macro level permits can provide information on the average age of roofs or indicate major remodeling work for a specific region.
This year the company also released the BuildFax Indices (BFI), a monthly release of construction indices that estimates the number of properties permitted across the country. The construction data sets are based on permits covering all major segments of residential and commercial construction, including commercial remodeling, a first of its kind in the industry. The free series is released monthly, a day prior to the first census release, and reports national and regional data. Click the following link to subscribe: BuildFaxIndices