Home Remodeling Business Posts Big Turnaround
“Home owners are tired of waiting to make improvements,” according to a remodeling trade association, which released its latest data showing the home remodeling business is reaching “new heights.”
Current business conditions in remodeling have seen steady rises since March 2012 and now stand at a 5.97 rating — compared to 5.59 one year prior, according to the National Association of the Remodeling Industry’s first-quarter index. NARI also notes that sharp increases in the number of inquiries and requests for bids reflects an increase in consumer confidence in the housing market.
“Remodelers nationwide are not only experiencing increased activity right now, but many have a backlog of projects well into the fall,” says Tom O’Grady, chairman of NARI’s Strategic Planning & Research Committee. “This current condition is worlds away from March of last year and suggests that the recovery is beginning to gain speed.”
The main drivers of remodeling activity cited in its index among respondents was the need for improvements due to postponement of projects and due to improving home prices.
“We knew that several things had to turn around in order for business to get better, and NARI members are finally feeling a holistic economic recovery outside and inside the housing market,” O’Grady says.