Remodeling Market Index hits five-year high
Remodeling sentiment rose to the highest level in five years, according to the National Association of Home Builders’ Remodeling Market Index for the fourth quarter of 2011. The RMI increased to 46.6 in the fourth quarter from 41.7 in the third quarter, while the RMI component measuring current market conditions rose to 48.4 from 43.0 in the previous quarter. The RMI component measuring future indicators of remodeling business was also positive, increasing to 44.8 from 40.4 in the previous quarter, according to a release.
“As more consumers remain in their homes rather than move in this economy, remodelers benefited from a gradual increase in home improvement activity, taking us to a five-year high,” said NAHB Remodelers Chairman Bob Peterson, a remodeler from Ft. Collins, Colo., in the release. “2011 ended on a strong note for the remodeling industry.”