Industry News

Residential remodeling posts gains

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Professional remodelers posted higher year-end numbers in the final quarter of 2003 than in any fourth quarter of the past two years, and most industry professionals expect business to stay strong in 2004, according to the results of the National Association of Home Builders' Remodeling Market Index. In a year-to-year comparison–the most accurate indicator as the RMI is not seasonally adjusted–both indexes showed improvement over the fourth quarter in 2002. The index gauging current market conditions rose to 50.3, a 7-point gain over 2002's 43.2. The index measuring future expectations moved to 48.3, a 9-point gain over last year's 39.1. Every region posted an increase of at least 6 points over 2002's fourth quarter, with the most significant change in the West, where the index jumped by 13 points to end at 56.4. "We anticipate that when the final numbers are tallied, the 2003 remodeling market will close at $182 billion, surpassing last year's $173 billion by about 5 p...