During the first quarter of 2002, the RMI for current market conditions climbed by seven points to a 52.7 rating. The RMI for future expectations made an even stronger recovery, climbing from a 42.8 score in the fourth quarter of last year to a 54.6 score in the first quarter.
“This is welcome news that means remodeling activity has come back close to the levels of the first half of last year,” said Bill Owens, CGR, NAHB Remodelors™ Council chairman and a remodeling contractor from Columbus, OH.
“Homeowners are showing restored confidence in the economy and choosing remodeling to improve the comfort and investment value of their homes. With interest rates holding steady at favorable levels and continued growth in housing equity, it looks as if remodeling could reach new highs this year.”
Publication date: 05/20/2002