Remodeling sentiment in the fourth quarter of 2011 was to its highest level since the fourth quarter of 2006, according to the National Association of Home Builders' (NAHB).
The NAHB Remodeling Market Index (RMI) rose from 41.7 in the third quarter of 2011 to 46.6 in the fourth quarter of 2011. The last time the index was higher was when the RMI hit 47.1 in the fourth quarter of 2006.
The 4Q 2011 RMI Current Market Conditions component was 48.4, up from 43.0 in 3Q 2011.
The 4Q 2011 RMI Future Market Indicators component was 44.8, up from 40.4 in 3Q 2011.
"As more consumers remain in their homes rather than move in this economy, remodelers benefited from a gradual increase in home improvement activity, taking us to a five-year high," said NAHB Remodelers Chairman Bob Peterson, CGR, CAPS, CGP, a remodeler from Ft. Collins, CO. "2011 ended on a strong note for the remodeling industry."
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