NARI has released a quarterly survey of its members that indicates 51 percent of NARI members say the market has improved to some degree since last year.
Last year, NARI hired Fred Miller of Consumer Specialists, Germantown, Tenn., to conduct research on NARI’s behalf. The first survey focused on what types of companies comprise NARI’s membership (results were released last October.)
This most recent survey, which will be conducted quarterly with NARI members who agreed to be part of a research panel, will create a data comparison that will paint a portrait of remodeling market viability. It also will be able to define NARI members in terms of the industry as a whole by comparing NARI data with other business data.
The March 2012 study asked participants to rate business conditions this year compared with the same time last year.
In addition to measuring the overall feeling about business conditions, the survey delved deeper into key components that might lead a remodeler to feel more/less confident: Inquiries, requests for bids, conversion of bids to jobs and sales value of jobs sold.
The responses to questions on these components dovetail with the overall outlook of the industry: 64.5 percent report some degree of increase in inquiries and 61.4 percent report an increase in requests for bids. Nearly 30 percent saw an increase of bids turning into jobs, and 47 percent saw the value of jobs sold increase from last year.
The data suggests that the industry is on the path to recovery, albeit slowly. Sixty-nine percent believe that sales will be stronger three months from now.
When asked to pinpoint drivers of future growth, 82.6 percent said because people are needing to do postponed projects.
Those who experienced a decrease in their home values and/or job insecurity during 2009 held back on projects. Today, those same people are making necessary improvements. Fifty percent of respondents also commented that sales are driven by a greater certainty of the future.
NARI members can log in to view full results of the survey.