Remodeling Market Looking Up
According to the latest National Association of Home Builders' (NAHB) Remodeling Market Index (RMI), the residential remodeling market is showing signs of recovery. All indicators have increased in the fourth quarter of 2008, with the current market condition measure rising to 34.5 from 25.5.
The index component for national market conditions for major additions and alterations increased to 32.7 from 19.4 at the end of last year, while minor additions improved to 39.1 from 31.5. Maintenance and repair remained also climbed, to 30.4 from 23.6.
Measures for future expectations was also looking up during the first quarter, with the component for calls for bids rising to 34.2 from 20.6. The backlog of remodeling jobs component climbed to 28.5 from 18.4, and appointments for proposals jumped to 35.3 from 19.1. Finally, the component that measures the amount of work committed for the next three months rose to 21.8 from 16.4.
"Remodelers are starting to receive more calls for bids and requests for proposals, although getting customers to sign for a job continues to remain a challenge," said NAHB Remodelers Chairman Greg Miedema, CGR, CGB, CAPS, CGP, a remodeler from Tucson, AZ. "While the size of the jobs is smaller, remodelers are optimistic about this uptick in market activity." Read here for the full story.