According to the latest National Association of Home Builders' (NAHB) Remodeling Market Index (RMI), the residential remodeling market is showing signs of recovery.
According to the latestNational
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.
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 ChairmanGreg 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."
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