Despite lingering supply-side challenges, confidence in the remodeling market continues to increase, according to a recent NAHB survey. Though the market sputtered at the onset of COVID-19, remodeling activity quickly roared back.
In fact, the pandemic has ultimately played a large role in remodeling’s resurgence. The survey revealed that in 2020, 17% of remodelers directly attributed the pandemic for inducing at least one-quarter of their projects.
“The remodeling market took a hit last year at the start of the pandemic, but it’s completely turned around now,” said NAHB Remodelers Chair Steve Cunningham, CAPS, CGP, a remodeler from Williamsburg, Va.
“Now, remodelers are facing intense backlog on projects due to supply chain delays, continued labor shortages and an abundance of project leads.”
A desire for better amenities was cited as the most common consumer motivation for remodeling, followed by a need to repair or replace older components, and a desire or need for more space. Moreover, as home prices and interest rates rise, many would-be home buyers are instead opting to stay put and make improvements to their current homes. Especially among older home owners, aging-in-place and universal design projects are becoming increasingly popular. NAHB’s survey found that bathrooms and kitchens continue to top the list of the most common remodeling projects. Among all projects, 74% were primarily bathrooms while 67% involved kitchens.
The survey results were released in conjunction with the start of National Home Remodeling Month in May. The month-long initiative highlights the various advantages of working with professional remodelers.
“As home owners continue to make modifications to their homes, it’s important that they do their research and hire a qualified professional,” said Cunningham. “Whether it’s a small project or a whole house remodel, a qualified professional remodeler can help home owners create a space that works for them.”
A variety of resources for remodelers and HBAs to promote the occasion are available within the newly renovated National Home Remodeling Month Toolkit. And throughout the month, NAHB Remodelers will host free, weekly Shop Talks for members to learn about the latest industry trends and business management strategies.
The next Shop Talk will be Remodeling Sales Techniques to Drive Performance on Thursday, May 6, from 4-5 p.m. ET. Registration is not required.