Shorewest Reports: The Remodeling Market Continues to Show Growth

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remodelThe National Associated of the Remodeling Industry (NARI) recently released their third-quarter publication Remodeling Business Pulse (RBP). The data within describes the current and future business conditions, and show marked improvement in almost every sub-component of remodeling activity. This is great news, as the remodeling industry has been slowing while heading into the holiday season for the past few years.

“From the comments on the Remodeling Business Pulse survey, pent-up demand continues to drive the current remodeling market,” says Tom O’Grady, chairman of NARI’s Strategic Planning & Research Committee. The housing market rebound over the past 18 months has helped recovery carry over into the home improvement sector.

Below are the results for sub-components of remodeling activity. Ratings are from 1 to 9, where 1 is much worse than a year ago, 9 is much better than a year ago and 5 is about the same as last year.

  • Current business conditions — 6.41 (from 6.31 last quarter)
  • Number of inquiries — 6.55 (from 6.50 last quarter)
  • Requests for bids — 6.45 (same as last quarter)
  • Conversion of bids to jobs — 6.00 (from 5.91 last quarter)
  • Value of jobs sold — 6.31 (from 6.12 last quarter)

One interesting note is that remodelers tend to be more cautious in their outlook heading into the holidays, so increased values show great growth for the remodeling industry. That rating fell 3.2% from last quarter, but at 6.12 is still higher than the 2012 low rating of 5.34.

With remodeling on the rise, what projects are you looking to tackle in the next year?

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Categories: Home Improvement

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