Dive Brief:
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Remodelers are confident that business will be brisk over the next few months—but not as sure as they were a year ago, the National Association of Home Builders reported.
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The NAHB Remodeling Market Index posted a reading of 57 during the first quarter of this year, down 3 points from the all-time high recorded in the last quarter of 2014. A reading of greater than 50 means more remodelers are reporting good market conditions than those who aren’t.
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Business is best in the West, following by the Northeast, the South, and the Midwest, NAHB reported.
Dive Insight:
Small renovation jobs were the brightest spot of the report. The RMI's home maintenance and repair section rose four points in the first quarter to 64, the highest score since the NAHB started the survey.
Harsh winter weather has made remodelers a bit cautious about their future prospects, said NAHB Remodelers Chair Robert Criner, who noted that most foresee gradual improvement in business rather than a significant spike.
And like the rest of the homebuilding industry, remodelers face increasing labor and materials costs.