NAHB today released its Remodeling Market Index (RMI) for the second quarter of 2020, posting a reading of 73. This is the second quarter with a new RMI, redesigned to ease respondent burden and improve its ability to interpret and track industry trends. The new series is not seasonally adjusted, therefore index readings cannot be compared quarter to quarter.
“Many remodelers are busy, even busier than prior to COVID-19. Home owners are calling for decks, patios, porches, and kitchen and bathroom jobs,” said NAHB Remodelers Chair Tom Ashley, Jr., CAPS, CGP, CGR, a remodeler from Denham Springs, La. “Their optimism for a stronger market is evident through their RMI responses.” To read more you can click here.
Our Take
With more and more people staying home during the pandemic, they are bringing entertainment and organization to their backyards and homes. We are expecting to see a large uptick in remodeling jobs as more people commit to a home office (it is tax-deductible in certain situations), commit to more space for the kids, or commit to the projects that have been on the to-do list for the last decade but there was never any time to do them. This is great for home owners and remodelers.