Remodelers' Confidence Holds Steady
NAHB's Remodeling Market Index (RMI) posted a reading of 55 in the second quarter of 2019, rising one point from the previous quarter. Since the second quarter of 2013, the RMI has been consistently above 50 — indicating that most remodelers report market activity is higher compared to the previous quarter. The overall RMI averages current remodeling activity and future indicators.
“The demand for remodeling continues to hold strong throughout the country,” said NAHB Remodelers Chair Tim Ellis, CAPS, CGP, CGR, GMR, Master CGP, a remodeler from Bel Air, Md. “However, the lack of skilled labor continues to be one of the largest roadblocks in the industry.”
Current market conditions rose two points from the previous quarter to 55. Among its three major components:
- Major additions and alterations increased four points to 53.
- Minor additions and alterations remained at 55.
- Home maintenance and repair held steady at 56.
- Calls for bids stayed at 54.
- Amount of work committed for the next three months fell two points to 52.
- Backlog of remodeling jobs increased four points to 58.
- Appointments for proposals remained steady at 55 for the third quarter in a row.