WASHINGTON, DC – Concerns about the rising costs of construction materials and labor cause remodeler condifence to dip during the first quarter of 2013. The Remodeling Market Index (RMI) fell six points (to 49), according to the National Association of Home Builders (NAHB).
Remodelers remain optimistic about the outlook for growth this year, but the rising cost of doing business makes it difficult to deliver the prices that many of their customers expect, said 2013 NAHB remodelers chairman Bill Shaw, GMR, GMB, CGP, a remodeler from Houston. "Repairs and minor additions are currently the strongest categories of business for remodelers as home owners continue to invest in deferred maintenance and room-by-room remodeling,” Shaw continued.
NAHB chief economist David Crowe lended some perspective: Although this quarter's RMI indicates a pause in the improvement that the remodeling market had been showing, it is noneheless the third highest reading for the RMI since the first quarter of 2006, Crowe said. "
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