NEW- AND EXISTING-HOME SALES
CABINET & VANITY SALES
Remodeling Sector Posts Second-Quarter Surge, New Survey Reveals
Washington, DC Professional remodelers, including kitchen and bath specialists, were busier in this year's second quarter than they have been at any time in the past two years, and most expect business to continue improving throughout the coming months.
That's the conclusion of the latest Remodeling Market Index (RMI), issued by the Washington, DC-based National Association of Home Builders last month.
"Surging home sales, steadily rising home values [against which people borrow to finance improvements] and a low-interest-rate environment all contributed to the pick-up in remodeling in the second quarter," said NAHB Remodelors Council chairman Mike Weiss. "Moreover, signs of an improving economy and rejuvenating consumer confidence mean the future is looking even brighter for professional remodelers," Weiss noted.
The latest RMI was based on a quarterly survey of about 550 professional remodelers, whose answers to a series of questions were assigned numerical values in order to calculate current market conditions, as well as future expectations. Both indexes recorded substantial gains in this year's second quarter," the NAHB Remodelors Council said.
"What's remarkable is that almost every category under the future expectations index showed gains from both the first quarter of this year and the year-ago period," said NAHB chief economist David Seiders. "Remodelers are registering substantially more calls for bids, commitments for work over the next three months and backlogs of jobs in the pipeline than they have since at least the beginning of last year. That's a good basis for a truly optimistic outlook."