Industry News

Real estate remodeling picks up

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Remodeling activity grew moderately in the first quarter of 2006, according to the National Association of Home Builders' Remodeling Market Index, released today. The current market conditions index increased from 46.6 to 48.1 and future expectations moved from 47.5 to 48.9. The seasonally adjusted RMI measures remodeler perceptions of market demand for current and future residential remodeling projects. Any number over 50 indicates that the majority of remodelers view market conditions as expanding. The RMI for owner-occupied units grew from 48.9 in the fourth quarter of 2005 to 53.8, while renter-occupied units fell from 40.4 to 36.7 during the same period. In the futures expectation index, owner-occupied units moved from 50.4 to 53.2 and the renter-occupied component decreased from 37.8 to 30.4 for the first quarter of 2006. Remodeling accounts for 40 percent of all residential construction and improvement spending and almost 2 percent of the U.S. economy. "The $11 trillion in hom...