Remodeling Market Maintains Strength in 2017 Third Quarter
For 18 consecutive quarters, the RMI has been at or above 50, which indicates that more remodelers report market activity is higher compared to the prior quarter than report it is lower.
The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) posted a reading of 57 in the third quarter of 2017, up two points from the previous quarter. For 18 consecutive quarters, the RMI has been at or above 50, which indicates that more remodelers report market activity is higher compared to the prior quarter than report it is lower. The overall RMI averages ratings of current remodeling activity with indicators of future remodeling activity.
“Remodelers are seeing higher demand in residential repairs, and expect to be busy well into the new year with jumps in work backlog, call for bids, and proposal appointments, likely due in part to the significant damage caused by hurricanes across the southern states,” said Dan Bawden, CAPS, GMB, CGR, CGP, NAHB Remodelers chairman and a remodeler from Houston. “However, the ongoing labor shortage is constraining how quickly the repairs can be completed.”