Remodelers' confidence in the U.S. market dipped in the first quarter of 2013, with the Remodeling Market Index (RMI) down six points to 49, according to the National Association of Home Builders (NAHB).
NAHB said that concern about rising construction materials and labor costs contributed to a pause in the general upward trend of remodelers' confidence.
"Remodelers remain optimistic about the outlook for growth in the remodeling market this year, but the rising cost of doing business makes it difficult to deliver the prices that many of our customers expect," said 2013 NAHB Remodelers Chairman Bill Shaw, GMR, GMB, CGP, a remodeler from Houston. "Repairs and minor additions are currently the strongest categories of business for remodelers as home owners continue to invest in deferred maintenance and room-by-room remodeling."
Future Market Indicators, a component of the RMI, was down from 56 in the fourth quarter of 2012 to 48 in 1Q 2013. The Current Market Conditions component also fell, from 54 in 4Q 2012 to 50 in 1Q 2013.
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