The National Association of the Remodeling Industry’s (NARI) first-quarter Remodeling Business Pulse (RBP) data of current and future remodeling business conditions is reflecting quarter-over-quarter increases seen across all sub-components measuring remodeling activity.
As remodelers approach their busy season, overall current business conditions have seen steady increases since March of 2012.
“Remodelers nationwide are not only experiencing increased activity right now, but many have a backlog of projects well into the fall,” said Tom O’Grady, CR, CKBR, chairman of NARI’s Strategic Planning & Research Committee and president of O’Grady Builders in Drexel Hill, PA. “This current condition is worlds away from March of last year and suggests that the recovery is beginning to gain speed.”
Growth indicators in the first quarter of 2013 include sharp increases in the number of inquiries and requests for bids.
“Homeowners are tired of waiting to make improvements – many have chosen to stay put – and better financial positioning has them actively approaching professionals to get work done and enhance long-term livability of the home,” said O’Grady.
Drivers of remodeling activity include needing improvements because of postponement of projects (83 percent reported this as an impetus) and improving home prices (an eight percent jump from fourth-quarter data). Other significant contributors to overall activity included economic growth, low interest rates and growth in the stock market.
“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,” said O’Grady.
To review the research in its entirety, send a request to [email protected].
