New NAHB Index Finds Ongoing COVID-19 Pandemic is Causing Remodeling Activity to Slow
Concerns regarding the spread of COVID-19, combined with high unemployment and other factors, are reducing remodeling activity.
The National Association of Home Builders (NAHB) recently announced that it redesigned its Remodeling Market Index (RMI) in the first quarter of 2020 to ease respondent burden and improve its ability to interpret and track industry trends. The first reading for this new RMI series was 48.
“The impact of COVID-19 is visible in the remodeling industry,” said Tom Ashley, Jr., CAPS, CGP, CGR, NAHB’s Remodelers chair and a remodeler from Denham Springs, La. “The rate of inquiries coming in is slowing down because many home owners are wary of remodeling crews inside their homes.”