Posted in Industry News
Remodeling Sector Saw Return to All-Time High Activity in Q3
According to a new report from the National Association of Home Builders, the Remodeling Market Index (RMI) increased by one point in the third quarter of 2014, coming in at 57. This marks the sixth 3-month period in a row for which the RMI has seen a reading over 50, which means more remodelers than not attest to higher market activity.
The index takes the average of ratings for current remodeling activity and indicators of future remodeling activity to find the overall RMI.
In Q3, the current market conditions index increased one point to 57, with all three subcomponents, including major and minor additions and alterations and maintenance and repair, posting 56 or higher on the scale.
Future market conditions saw a 2-point increase on the index from 56 to 58 in the previous quarter. All four of RMI subcomponents—backlog of jobs, calls for bids, amount of work committed for the next three months and appointments for proposals—either went up or remained the same compared to the last quarter.
These positive results in the remodeling sector, coupled with lower unemployment rates reflect a continuing recovery in the housing industry, albeit a slow and steady one.
Read the full article from NAHB here.
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