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The Remodeling Market Index (RMI) reached 55 in the fourth quarter of 2012, up five points from the previous quarter, according to the National Association of Home Builders (NAHB). This is the highest reading since the first quarter 2004.
“Remodelers are optimistic about the outlook for slow and steady market growth in the new year,” said 2013 NAHB Remodelers Chairman Bill Shaw, GMR, GMB, CGP, a remodeler from Houston. “Professional remodelers reported more work from large and small projects as well as overall home repair.”
An RMI above 50 indicates that more remodelers report market activity is higher (compared with the prior quarter) than report it is lower. The overall RMI averages ratings of current remodeling activity with indicators of future remodeling activity.
Future market indicators increased from 49 in the previous quarter to 56. Current market conditions rose from 52 to 54. Remodelers indicated that activity was particularly strong in owner-occupied properties.
The RMI was above 50 in all four regions of the country. The RMI in the Northeast surged 24 points, due to the start of remodeling work related to Superstorm Sandy damage.