Remodeling Index Showing Signs of Improvement

The National Association of Home Builders announced last Thursday that the Remodeling Market Index held steady at 57 during the fourth quarter of 2013, which happens to be the highest index rating since early 2004.
If you are unfamiliar with the Remodeling Market Index, also known as simply RMI, it is an index that averages current remodeling activity, as well as predicts future remodeling activity in the residential construction industry.
According to NAHB Chairman, Bill Shaw, “The remodeling industry ends 2013 on a high note as remodeler confidence holds steady at a historically high level.” Anytime the RMI has a rating above 50, it indicates that more residential construction remodelers are reporting high market activity than those who are reporting it to be lower.
Some of the things driving the fourth quarter success include:
  • An increase in calls for bids
  • The amount of work commitments for the next 90 days
  • The number of appointments for proposals
According to NAHB Chief Economist, David Crowe, “This quarter’s RMI reading shows that the slow but steady improvement in the remodeling market will continue in 2014.”
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