Remodeling Market Remains Upbeat in Second Quarter Aided in Part by COVID-19 Pandemic

The National Association of Home Builders (NAHB) Remodeling Market Index (RMI) for the second quarter of 2020, posted a reading of 73. An indication that more remodelers view conditions as good, rather than poor. The strong RMI reading in the second quarter reflects business picking up as homeowners remodel with a focus on staying home for work and other activities, amid the pandemic. It is also important to note that remodelers face ongoing supply-side challenges, such as rising material prices and the lack of skilled labor. The RMI survey asks remodelers to rate five components of the remodeling market as “good,” “fair” or “poor.” Each question is measured on a scale from 0 to 100, where an index number above 50 indicates a higher share view conditions as good than poor.

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Remodeling Market Shows Optimism despite COVID-19