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With the remodeling market feeling the pressure from the nation’s sluggish economy, NAHB’s Remodeling Market Index (RMI) dipped to 43.9 during this year’s second quarter, down from 46.5 in the first quarter.
"Remodelers have experienced the same hiccup that has rippled through the U.S. economy," said NAHB Remodelers Chairman Bob Peterson, CGR, CAPS, CGP, a remodeler from Ft. Collins, Colo.
"After picking up the pace early in the year, the calls from customers dropped off and remodeling slowed down," he said.
"While the RMI indicates that the home remodeling market softened somewhat in the second quarter, this is still the second highest RMI we've been able to report since the third quarter of 2007," said NAHB Chief Economist David Crowe.
"There are several barriers blocking the way to a stronger recovery,” he added. “Home owners who may want to remodel still face stringent lending requirements, and uncertainty about the economy is making them hesitant to undertake major improvements."
On a scale of 1 to 100, the overall RMI combines remodelers’ ratings of current remodeling activity with indicators of future activity, like calls for bids.
Current market conditions for the second quarter of 2011 fell to 44.8 from 46.1 in the first quarter and future market indications dropped to 43.0 from 46.8 in the previous quarter.
An RMI below 50 indicates more remodelers reporting a decline in activity compared to the previous quarter than reporting an increase.
Regionally, current market conditions declined from 47.1 to 44.4 in the Midwest and from 46.1 to 42.9 in the South.
The index rose modestly from 46.1 to 48.2 in the West and from 46.1 to 48.1 in the Northeast.
Among indicators of current market conditions, major additions dropped from 50.3 to 46.2 and maintenance and repair declined from 39.5 to 38.4. Minor additions remained essentially flat at 48.5, compared to 48.0 in the first quarter.
Among future market indicators, calls for bids declined from 53.1 to 49.8, the backlog of remodeling jobs dropped from 49.7 to 45.7 and appointments for proposals fell from 52.4 to 44.2. The amount of work committed for the next three months stayed about level at 32.3, up from 32.1.
For more information about remodeling resources at NAHB, go to www.nahb.org/remodel; or email Kelly Mack, or call her at 800-368-5242 x8451.
Learn How to Run a Successful Remodeling Company
“The Paper Trail: Systems and Forms for a Well-Run Remodeling Company,” available through NAHB BuilderBooks, shows how to use proven management systems to run a successful remodeling company.
The publication includes a CD containing 160 essential forms and documents — culled from successful remodelers across the country — that you can customize to suit your business needs.
To view or purchase this publication online, click here, or call 800-223-2665.
'How to Find a Professional Remodeler' Brochures Available at BuilderBooks.com
"How to Find a Professional Remodeler," available at NAHB BuilderBooks, promotes the professionalism of your remodeling business by offering a wealth of valuable advice to customers on the process of selecting a remodeler.
The newly updated brochure highlights the before and after photos of the most frequently remolded rooms in the house.
To view or purchase this publication online, click here, or call 800-223-2665.
