DES PLAINES, IL — Remodeling increased 2.5% during the third quarter, according to the National Association of the Remodeling Industry (NARI), which is trying to assess the impact Superstorm Sandy will have on remodeling business moving forward.
“Overall, NARI members are experiencing an upswing; however, the future paints a more mixed picture,” sad Tom O’Grady, CR, CKBR, chairman of NARI’s Strategic Planning & Research Committee and president of O’Grady Builders in Drexel Hill, PA. “Hurricane Sandy’s destruction will likely spur more activity on the East coast.”
NARI's Remodeling Business Pulse data gathered via a national survey of members in September showed remodeling business was at its high point for the year. However, the pre-Sandy survey indicated that remodelers were worried about business dropping an average of 6.3% in the fourth quarter compared to the second quarter. Topping remodeler concerns were high uncertainty, unemployment and difficulty to acquire loans.
On the bright side, most NARI members participating in the survey reported feeling positive about inquiries, request for bids, bid conversions and value of jobs sold.
“Pent-up demand continues to be a huge contributor to home improvement activity, particularly in those who are choosing to stay in homes longer term,” O’Grady said. This long-term mentality is driving an expanding market in universal design and energy-efficient projects, but also shrinking a project’s size and cost, according to NARI.
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