Industry News

Real estate remodeling picks up pace

Midwest reports largest first-quarter gain

Residential remodelers are bullish in their economic outlook for 2004, according to the National Association of Home Builders, which today reported its Remodeling Market Index (RMI) rose to a record level of 59 in the first quarter. "When the RMI moves above 50, it tells you that the industry is very healthy, and right now we are at 59," NAHB Remodelors Council Chairman Douglas Sutton Sr., a remodeler in Springfield, Ill. "Not only have we recorded the strongest first-quarter index rating in four years, but across the country we are also seeing record numbers of calls for bids and reports of backlogs that will keep us busy throughout the year." The RMI is based on a quarterly survey of 582 professional remodelers, whose answers to a series of questions were assigned numerical values to calculate two separate indexes. The first index gauges current market conditions and is based on remodelers' reports of major and minor additions and alterations, plus maintenance work and repairs, o...

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