The Confidence of Remodelers Is Still At a High Level
The Remodeling Market Index (RMI) (measures Remodelers Confidence) was slightly down in the first quarter but is at the third highest reading since the first quarter of 2006. Concerns about the costs of building materials and labor helped drive the index down six points to 49. On a positive note, all categories of remodeling in owner-occupied homes achieved a reading of 51 or better in the latest report, meaning that more remodelers reported improving activity.
Repairs and minor additions are currently the strongest categories of business for remodelers as homeowners continue to invest in deferred maintenance and room-by-room remodeling. Like the rest of the home building industry, remodelers are starting to feel squeezed by higher costs and limited availability of labor and materials.
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