NARI Reports Remodeling Indicators Show Jump in Current Conditions
July 23, 2014
The second-quarter 2014 Remodeling Business Pulse survey from the National Association of the Remodeling Industry showed an increase in all current remodeling market indicators, according to a NARI release issued July 23. Remodelers are currently seeing growth, from conditions in March, which had seen a decline in business conditions during the first three months of 2014, NARI reports. Rating is from 1 to 9, where 1 is much worse than a year ago and 9 is much better; 5 is about the same as last year.
“This quarter didn’t show much change in conditions driving growth,” says Tom O’Grady, CR, CKBR, chairman of NARI’s Strategic Planning Committee. “People needing to do postponed projects remain the number one driver at 80 percent, and improving home prices, at 59 percent, continues at number two. What is encouraging — is that the value of jobs sold had a statistically significant growth.”
Economic growth, at 47 percent, was the number three condition driving growth, a jump from 37 percent in March. The three-month outlook for business, though, declined for the first time since September 2013, dropping in June to 6.32 from the previous high posted in March of 6.51. However, market activity remains positively weighted, with only 8 percent of remodelers reporting any level of decline versus the 70 percent who are seeing some level of growth.
Many of the comments attribute the negative outlook to two common themes: pricing and lack of skilled labor.
Read the full release