Remodeling Index in Positive Territory Fifth Straight Quarter

Washington, DC, July 24, 2014 -- The National Association of Home Builders' Remodeling Market Index rose three points to 56 in the second quarter.

This is the fifth consecutive quarter for an RMI reading above 50, indicating that more remodelers report market activity is higher (compared to the prior quarter) than report it is lower.

"With many home owners on better financial footing, home remodeling has become more popular," said NAHB Remodelers chair Paul Sullivan.

"The completion of postponed work has helped remodelers in all regions regain confidence in the remodeling market."

The RMI's future market conditions index rose to 56 from 52 in the previous quarter.

The current market conditions component of the RMI increased three points to 56 this quarter. Remodeling jobs valued at $25,000 or more rebounded to 54, the same level as the end of 2013. Smaller remodeling jobs and maintenance and repair components performed well this quarter with readings of 56 and 58, respectively.

"The recent improvement in the job market has helped restore remodelers' confidence after a dip in the first quarter that was probably in part weather-related," said NAHB chief economist David Crowe.

"As homeowners feel more secure about their economic situation, they become more willing to undertake remodeling projects -- especially larger, discretionary projects. In addition, fewer new home builders are looking to remodeling as a way supplement their revenue, and this has somewhat reduced competition for remodeling projects."


Listen to the interview with David Crowe here.



Other Archived Articles

Business Inventories Rise Less Than Expected   Full Article
Washington, DC, Oct. 15, 2014 -- U.S. business inventories rose less than expected in August, according to the Commerce Department.

Producer Prices Decline in September   Full Article
Washington, DC, Oct. 15, 2014 -- Producer prices in the U.S. fell in September for the first time in more than a year, according to the Labor Department.

New York Area Manufacturing Slows in October   Full Article
Washington, DC, Oct. 15, 2014 -- Manufacturing in the New York region expanded at a much slower pace in October, according to the New York Federal Reserve.

Retail Sales Decline in September   Full Article
Washington, DC, Oct. 15, 2014 -- U.S. retail sales fell more than expected in September, following the biggest gain in four months in August, according to the Commerce Department.

Mortgage Applications Up on Lower Rates   Full Article
Washington, DC, Oct. 15, 2014 -- Mortgage application volume rose 5.6% last week from the previous week as interest rates fell, according to the Mortgage Bankers Association.

Florim Opens Showroom in Moscow   Full Article
Moscow, Russia, Oct. 15, 2014 -- Tile company Florim said it has opened a new flagship store in Moscow.

Retirement Fund Files Suit Against Lumber Liquidators   Full Article
Toano, VA, Oct. 14, 2014 -- Lumber Liquidators is facing a class action law suit brought by the City of Hallandale Beach, Florida, Police Officers' and Firefighters' Personal Retirement Trust, according to the Virginia Gazette.

UFloor Systems Signs Western Distributor Big D   Full Article
Aurora, CO, Oct. 14, 2014 -- UFloor Systems has signed Big D Floor Covering Supplies to distribute its Uzin subfloor preparation products.

Mannington Raising VCT Prices in January   Full Article
Salem, NJ, Oct. 14, 2014 — Mannington Mills said it will raise prices by 4% on all of its vinyl composition tile products effective Jan. 5.

Armstrong Issues Third Quarter Warning   Full Article
New York, NY, Oct. 14, 2014 -- Armstrong World Industries became the second public flooring company to issue a third quarter profit warning.

WFCA Names New Leader of Northwest Association   Full Article
Anaheim, CA, Oct. 13, 2014 -- The World Floor Covering Association has named Tish Gasparich leader of the WFCA’s Affiliate Flooring Association Northwest(FAN).

Horizon Forest Products Moves Richmond Offices   Full Article
Richmond, VA, Oct. 13, 2014 -- Horizon Forest Products moved its Richmond offices to 4820 Eubank Road in the Interport Business Center.

Share of Custom Homes on the Decline   Full Article
Washington, DC, Oct. 13, 2014 -- New NAHB research reveals significant regional differences in the share of custom homes started in 2013.

Self's To Distribute Novalis LVT in Midwest   Full Article
Toronto, Canada, Oct. 13, 2014 -- Wichita, Kansas-based Self’s, Inc. will now distribute luxury vinyl flooring made by Novalis Innovative Flooring.

Carpetland To Hold Annual Meeting in Chattanooga   Full Article
Chattanooga, TN, Oct. 13, 2014 -- Carpetland USA ColorTile will hold its 2014 Buying Committee meeting in Chattanooga Nov. 16-18.

Oil Prices Continue Downward Slide   Full Article
New York, NY, Oct. 10, 2014 -- Oil prices extended their free fall Friday.

Economists See Stronger 2015 Economy   Full Article
New York, NY, Oct. 10, 2014 -- Stronger job growth, increasing consumer confidence, and falling oil prices should aid the economic expansion next year, the Wall Street Journal reported.

Tarkett Holding Year-End Sales Promotion   Full Article
Chagrin Falls, OH, Oct. 10, 2014 -- Tarkett said it is holding its biggest sales promotion ever through the end of the year.

Karndean Promotes Hanno to Sales Director   Full Article
Export, PA, Oct. 10, 2014 -- Karndean Designflooring has promoted Tim Hanno to director of retail sales, effective immediately.

Tight Lending Standards Still Hurting Home Builders   Full Article
Washington, DC, Oct. 9, 2014 -- Tight mortgage lending standards continue to affect sales for single-family builders, according to a survey released by the National Association of Home Builders.