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The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) decreased one point to 47 from the upwardly revised 48 in the previous quarter.
In the first quarter, the RMI component measuring current market conditions dropped one point to 49, while the component measuring future indicators of remodeling business fell two points to 44.
“We are seeing that the demand for remodeling work has been pulled forward because of a mild winter,” said NAHB Remodelers Chairman George “Geep” Moore Jr., owner/president of Moore-Built Construction & Restoration in Elm Grove, La. “That is why many remodelers reported lower numbers for future activity.”
The three components measuring current market conditions moved in different directions: Major additions was even at 44, minor additions rose one point to 52, and maintenance and repair dropped four points to 51. Two of the four components measuring future market indicators decreased: Backlog of remodeling jobs dropped four points to 43, and appointments for proposals fell five points to 45. Calls for bids rose one point to 47, and amount of work committed for the next three months remained even at 42.
Regionally, remodeling market conditions in the West increased three points to 47, while the other three regions declined: the Northeast to 48 (from 55), the Midwest to 50 (from 52) and the South to 46 (from 49).
The overall RMI combines ratings of current remodeling activity with indicators of future activity. An RMI below 50 indicates that more remodelers report market activity is lower (compared to the prior quarter) than report it is higher.