Remodeling Market Sentiment Remained High in Q1
On Thursday, the National Association of Home Builders (NAHB) and Westlake Royal jointly announced the results of their NAHB/Westlake Royal Remodeling Market Index (RMI) for Q1.
The RMI is an average of two major component indices: the Current Conditions Index and the Future Indicator Index. According to the Q1 RMI report, remodelers outlook dipped a single point to a reading of 66 when compared to 2023Q4.
However, the NAHB clarified that even though the Current Conditions and Future Indicators Indexes remained unchanged from the previous quarter, the reason the Overall RMI declined one point is simply due to rounding.
Demand for remodeling remains solid and an RMI of 66 is consistent with its forecast for remodeling spending in all of 2024, the NAHB said. Nonetheless, construction costs are still an issue in some places, as rising costs for labor and building materials continue to create headwind to faster growth in the sector.
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