Remodeling Shapes Up
If you’re beginning to think about a remodeling project, you’re not alone. According to the most recent National Association of Home Builders’ Remodeling Market Index, 2011 could witness considerable remodeling activity. While current market conditions were a bit dicey through most of 2010, the index for “future market conditions” improved during fourth-quarter 2010, and the momentum has continued.
“Remodelers are starting to see an uptick in interest from consumers who are considering future remodeling projects,” comments NAHB Remodelers Chairman Bob Peterson. “Homeowners are also showing more willingness to undertake larger remodeling projects.”
Most notably, cites the NAHB, the “calls for remodeling bids” category has improved markedly, as have “backlog of remodeling jobs” and “appointments for proposals.” Improving conditions are apparent in all sectors of the country, led by the Northeast, Midwest and South, and more “major” expansions are being planned.
“Remodeling activity has been rising slowly since the first quarter of 2010,” says NAHB Chief economist David Crowe. “Expected improvements in the job market and the overall economy are beginning to increase homeowners’ confidence, and remodelers are seeing indications that business will pick up. More remodeling jobs will unfold as consumers in more secure financial positions enter the remodeling market. A more robust recovery in residential remodeling will depend upon future improvements in labor and credit markets.”
Promising news for remodelers, and for people contemplating a home improvement.