4/23/15, 2:39 PMNAHB: Remodelers Confident In Gradual Market
Improvement
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Confident In Gradual Market Improvement
Remodelers ConfidentIn Gradual MarketImprovement
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April 23, 2015 - The National Association of Home Builders
(NAHB) Remodeling Market Index (RMI)posted a reading of 57 in the
first quarter of 2015, off slightly from the historically high
level of 60 in the lastquarter of 2014, but above the key
break-even point of 50.
An RMI above 50 indicates that more remodelers report market
activity is higher (compared to the priorquarter) than report it is
lower. The overall RMI averages ratings of current remodeling
activity withindicators of future remodeling activity. The RMI was
59 in the Northeast, 54 in the Midwest, 56 in the Southand 62 in
the West.
Remodelers remain positive about the gradual pace of market
improvement, but that confidence wastempered by a severe winter and
continued labor shortages, said NAHB Remodelers Chair Robert
Criner,GMR, GMB, CAPS, a remodeler from Newport News, Va. Clients
continued to call for consultations forhome remodeling jobs at the
beginning of 2015.
Small renovation jobs continued to show strength. The home
maintenance and repair component of theRMI increased four points to
64 in the first quarter, the highest reading on record. Overall,
the currentmarket conditions of the RMI declined two points to 58
this quarter.
The RMIs future market conditions index fell to 55 from 60 in
the previous quarter. All four of itssubcomponentscalls for bids,
amount of work committed for the next three months, backlog of jobs
andappointments for proposalsdecreased slightly from the previous
quarters reading.
Like the rest of the home building industry, remodelers are
facing the pressure of increasing costs for laborand materials, but
an RMI above 50 indicates that they still feel positive about the
market on balance, saidNAHB Chief Economist David Crowe. The
strength of the RMIs maintenance and repair component waslikely due
in part to the harsh weather conditions that struck many parts of
the country during the firstquarter and necessitated repairs.
For more information about remodeling, visit
nahb.org/remodel.
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