WASHINGTON, DC — Demand for remodeling remains strong, and remodelers “are doing quite well as long as they can adequately deal with material and labor shortages,” according to the latest Remodeling Market Index (RMI) compiled by the National Association of Home Builders.
The Washington, DC-based NAHB this week released its NAHB/Royal Building Products Remodeling Market Index (RMI) for the third quarter of 2020, posting a reading of 87, up five points from the third quarter of 2020. The finding “is a signal of residential remodelers’ confidence in their markets, for projects of all sizes,” the NAHB said.
“We are seeing strong demand and continued optimism in the residential remodeling market, despite the fact that supply constraints are severe and widespread,” observed NAHB Chief Economist Robert Dietz, who noted that well over 90% of remodelers in the third-quarter RMI survey reported a shortage of carpenters and 57% reported having slightly raised prices for projects over the last six months, with another 28% indicating a significant increase in price, due in part to higher material costs and ongoing strong demand.
Half of the surveyed remodelers reported “some pricing out of demand” due to higher prices for remodeling projects,” Dietz added.
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