Remodelers’ confidence holds steady in Q3
Thursday, October 17, 2019 from Floor Covering Weekly
“Remodelers are reporting increased activity, especially in areas of the country impacted by recent natural disasters,” said NAHB Remodelers chair Tim Ellis, CAPS, CGP, CGR, GMR, Master CGP, a remodeler from Bel Air, Md.
Current market conditions fell one point from the previous quarter to 54. Among its three major components, major additions and alterations dropped one point to 52, minor additions and alterations decreased by two points to 53 and the home maintenance and repair component rose one point to 57.
The future market indicators gained two points from the previous quarter to 57. Calls for bids increased by one to 55, amount of work committed for the next three months gained two points to 54, the backlog of remodeling jobs increased one point to 59 and appointments for proposals jumped by five points to 60.
“The demand for remodeling is fueled by a healthy labor market and low interest rates,” said NAHB chief economist Robert Dietz. “However, the remodeling market is still constrained by high costs and lack of skilled labor.”