The National Association of Home Builders (NAHB) released its Remodelling Market Index (RMI) in 3Q 2020 today, posting a reading of 82, which indicates strong remodeller sentiment, as business has strengthened while home owners focus on the importance of home for work and life amidst the pandemic and its consequences.
The strong finding is a signal of residential remodellers’ strong confidence in their markets, for projects of all sizes. The demand for home improvement is robust given the importance of home for Americans as the economy recovers and adapts from the impacts of Covid-19.
In 3Q, all components and subcomponents of the RMI were 77 or above.
The Current Conditions Index averaged 86, with large remodelling projects (US$50,000 or more) yielding a reading of 80, moderately-sized remodelling projects (at least US$20,000 but less than US$50,000) at 86, and small remodelling projects (under US$20,000) with a reading of 90.
These readings indicate that the strength for remodeling is felt across all types of projects.