The National Association of Home Builders (NAHB) today (7-15-21) released their Remodeling Market Index (RMI) for Q2 2021. The RMI posted a reading of 87, up 14 points from Q2 of 2020 and a sign of remodelers increasing confidence in their markets, for all size projects. The RMI is an average of two major component indices: the Current Conditions Index (CCI), and the Future Indicators Index (FII).
The CCI, in turn, is an average of three subcomponents: the current market for large remodeling projects ($50,000 or more), moderately sized projects ($20,000 to $49,999), and small projects (under $20,000). In Q2 2021, the CCI was 91, a 14-point increase from Q2 2020. All components also posted increases compared to the Q2 of last year: large remodeling projects jumped 20 points to 90; moderately sized remodeling projects increased 13 points to 91; and small remodeling projects rose nine points to 92.
The FII is an average of two subcomponents: the current rate at which leads and inquiries are coming in, as well as the current backlog of remodeling projects. In Q2 2021, the Future Indicators Index was 83, up 13 points from Q2 2020. Both components increased as well: the current rate at which leads and inquiries are coming in rose nine points to 81, and the backlog of remodeling jobs jumped 19 points to 86.
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Remodeling Industry Confidence Improves Year over Year