RISMEDIA, May 18, 2009-The residential remodeling market showed signs of improvement during the first quarter of 2009 with significant growth in all indicators, according to the latest National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI). The current market conditions measure rose to 34.5 from 25.5 in the fourth quarter of 2008. Future expectations jumped to 30 from a historic low of 18.6 the previous quarter.
The RMI measures remodeler perceptions of market demand for current and future residential remodeling projects. Any number over 50 indicates that the majority of remodelers view market conditions as improving. The RMI has been running below 50 since the final quarter of 2005, following decreasing remodeling expenditures since that time.
“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, a remodeler from Tucson, Ariz. “While the size of the jobs is smaller, remodelers are optimistic about this uptick in market activity.”
“Remodelers say things are looking up from the doldrums of the fourth quarter,” said NAHB Chief Economist David Crowe. “While conditions remain below average and are down slightly from this time last year, the gains over the last quarter, and improvement in market expectations suggest a spark to the start of recovery in the remodeling market.”
For more information, visit www.nahb.org.
