Fourth Quarter Performances Indicate Remodeling Market Remains Strong, Highest Indicator Readings Since First Quarter 2004
According to a recent press release from the National Association of Home Builders, the Remodeling Market Index (RMI) reached 55 in QTR4 of 2012, increasing five points from QTR3 – its highest reading since the QTR1 of 2004. Designed to monitor the remodeling industry on a timely basis, the RMI is based upon the results of regular surveys from 2000 remodelers nationwide. These measures include current market indicators – such as maintenance and repairs, minor additions and alterations, and major additions and alterations, as well as future market indicators – including calls for bids, proposal appointments, committed work and project backlogs.
An RMI above 50 indicates that more remodelers report market activity is higher. It just so happens that the RMI was above 50 in all four regions of the country – Northeast, Midwest, South, and West. According to the 2013 NAHB Remodelers Chairman, Bill Shaw, GMR, GMB, CGP, professional remodelers across the nation reported more work from both large and small projects, as well as overall home repair – making them optimistic about the outlook for slow and steady market growth over the remainder of 2013. In this latest RMI measure, future market indicators increased 7 points in the previous quarter to 56 and current market conditions rose 2 points 54. Remodelers indicated that activity was particularly strong in properties that are owner-occupied.
In a statement from the release by David Crowe, the NAHB Chief Economist points to a rise in existing home sales as a possible factor in the positive bump in RMI numbers. “With existing home sales up, the increase in the RMI partially reflects the remodeling work new home owners undertake when they move in,” explained Crowe. “Consumers are gaining confidence in the economy and feeling more comfortable pulling the trigger on large and small renovations.”
In the event that you are ready to be a part of the Renovation Renaissance, we invite you to call the talented design-build team at Highlight Homes. Not only can we help you with basic home maintenance and overall home repair leading into Spring, we can also design and construct a number of beautiful home renovations that will make you the envy of your neighborhood. Our list of services includes:
- Whole Home Renovations
- Room Additions
- Architectural and Design Services
- Kitchen and Bath Remodeling
- Landscaping and Ponds
- Decks, Porches, and Patios
- Man Caves
- Home Theaters
- Attic and Basement Finishing
- And Much, Much More!
Highlight Homes’ team of architects, designers and builders can be reached by calling 678.873.9234 or e-mailing email@example.com. To learn more about Highlight Homes and sneak a peek at our online portfolio, visit www.highlighthomesga.com.