Remodeling Activity Up for 13 Consecutive Quarters

 

The NAHB Remodeling Market Index (RMI) posted a reading of 53 in the second quarter.

Although it slipped one point from the previous quarter, it is still the 13th consecutive quarter with a reading above 50, indicating that more remodelers report market activity is higher (compared to the prior quarter) than report it is lower.

“Overall, remodelers are reporting steady work in the second quarter,” said NAHB Remodelers Chair Tim Shigley, CAPS, CGP, GMB, GMR, a remodeler from Wichita, Kansas. “With an increase in calls for bids, we should see the market pick up slightly moving forward.”

The RMI’s current market conditions index came in at 54, decreasing by a single point from the previous quarter. Among its components, major additions and alterations dipped three points to 52, minor additions and alterations fell one point to 53 and maintenance and repair remained unchanged at 56.

At 53, the RMI’s future market conditions index remained unchanged from the previous quarter. Among its four components, calls for bids increased two points to 53, the amount of work committed rose one point to 53 and appointments for proposals stayed even at 52. Meanwhile, the backlog of remodeling jobs decreased five points to 53.  Read the Article