HVAC Breaking News

April 30, 2003: Residential Remodeling Improves In First Quarter

April 30, 2003
/ Print / Reprints /
ShareMore
/ Text Size+
WASHINGTON — Following a lull in residential remodeling at the end of 2002, professional remodelers reported a busier first quarter and significantly improved expectations for the rest of this year, according to results from the National Association of Home Builders (NAHB) Remodeling Market Index (RMI).

"Driven by low interest rates, home equity conversions, and the strong appeal of investing in the homestead, residential property owners stepped up the pace of contracting for improvements, repairs, additions, and general maintenance on their homes and apartments in the first quarter of 2003," said NAHB Remodelors™ Council Chairman Mike Weiss. "This bodes extremely well heading into the spring home improvement season."

The RMI is based on a quarterly survey of more than 600 professional remodelers, whose answers to a series of questions are assigned numerical values in order to calculate two separate indexes. The first index gauges current market conditions and is based on remodelers' reports of major and minor additions and alterations, plus maintenance work and repairs, on both owner- and renter-occupied dwellings. The second index gauges expectations for the near future and is based on remodelers' reports of their calls for bids, amount of work committed for the next three months, job backlogs, and appointments for proposals.

Both indexes recorded significant gains in the first quarter of 2003, offsetting much, though not all, of their declines since the same time last year. The index gauging current market conditions rose to 46.4, up 3.2 points from the final quarter of 2002, but still off from its 52.7 reading for the first quarter of 2002.

Showing greater strength, the index gauging future expectations rose to 50.3, up 11.2 points from the final quarter of 2002, but shy of last year's peak 54.6 reading in the first quarter.

The Northeast was the strongest region for professional remodeling in 2003's first quarter, posting the highest RMI readings for both current market conditions and future expectations. Every region posted gains from the previous quarter.

Publication date: 04/28/2003

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

Recent Articles by Greg Mazurkiewicz

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

Mini Split Installation

Twin Cities contractor Aabott Ferraro helped retrofit an older St. Paul home.

Podcasts

NEWSMakers: Doug Dougherty

Doug Dougherty, president and CEO of the Geothermal Exchange Organization (GEO) joins the program to discuss the latest happenings with GEO, including the drive to get included in state and federal definitions of renewable energy, plus the future of geothermal.  Posted on July 25.

More Podcasts

ACHRNEWS

NEWS 07-28-14 cover

2014 July 28

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

R-22 PHASEOUT POLL

Some in the industry are calling for the EPA to halt production of R-22 as of 2015. What do you think?
View Results Poll Archive

HVACR INDUSTRY STORE

plumbing-hvac.gif
2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con