The RMI is based on a quarterly survey of some 600 professional remodelers. It is comprised of an index that gauges current market conditions based on reports of major and minor additions and alterations, and maintenance work and repairs, on both owner- and renter-occupied dwellings, and a second index on expectations for the near future based on calls for bids, the amount of work committed for the next three months, job backlogs and appointments for proposals.
A variety of “special questions” are also asked at the end of the survey to help pinpoint market trends.
The index showed that remodeling in every region of the country was stronger in this year’s first quarter than a year earlier. The biggest gain occurred in the Midwest, where the index jumped by 17.6 points to a healthy 62.1.
“The year-over-year gains in both indexes for every region are remarkable, and point to another banner year for the remodeling industry in 2004,” said NAHB Chief Economist David Seiders. “What’s more, substantial year-over-year gains are apparent for every single component of the future expectations index.”
An RMI question on communications technology found that 96% of survey respondents own a personal computer and 36% of them use their computers for sales presentations. Half of the respondents said they had created a Web site for their business that includes contact information, pictures of finished jobs, the types of jobs the company undertakes and a history of the company.
“Contractors today realize they have to keep up with technology and use it to promote their companies,” said Sutton. “More and more customers are looking for contractors on the Internet, and they want to see what each company has to offer before they even call. A Web site is an indispensable tool for remodeling companies today.”
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