The U.S. remodeling market showed improvement during 1Q 2009, with significant growth in all indicators. The National Association of Home Builders' (NAHB) Remodeling Market Index (RMI) reported that the Current Market Conditions measure rose to 34.5, up from 25.5 in 4Q 2008. Future Expectations jumped to 30 from a historic low of 18.6 the previous quarter.
The 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 improving. The RMI has been running below 50 since the final quarter of 2005, following decreasing remodeling expenditures since that time.
The index component for U.S. market conditions for major additions and alterations increased to 32.7 from 19.4 in 4Q 2008, while minor additions improved to 39.1 from 31.5. Maintenance and repair remained also climbed, to 30.4 from 23.6.
Measures for future expectations showed growth during the first quarter, NAHB said, with the component for calls for bids rising to 34.2 from 20.6. The backlog of remodeling jobs component climbed to 28.5 from 18.4, and appointments for proposals jumped to 35.3 from 19.1. Finally, NAHB said, the component that measures the amount of work committed for the next three months rose to 21.8 from 16.4.
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