LAS VEGAS, NV - Home builders and remodelers converging on Las Vegas for the 2013 International Builders Show are brimming with optimism. The Remodeling Marketing Index was above 50 in all four regions of the country. The RMI in the Northeast surged 24 points, mostly as a result of Hurricane Sandy reconstruction.
The recovering housing market is driving up construction and remodeling business. The National Association of Home Builders (NAHB), which runs the mammoth Las Vegas show, reports today that the Remodeling Market Index reached 55 in the fourth quarter of 2012, increasing five points from the previous quarter, according to the National Association of Home Builders. This is the highest reading since the first quarter 2004.
"Remodelers are optimistic about the outlook for slow and steady market growth," says 2013 NAHB Remodelers Chairman Bill Shaw, a remodeler from Houston. Shaw's business began as a handman repair shop "Professional remodelers reported more work from large and small projects as well as overall home repair."
"With existing home sales up, the increase in the RMI partially reflects the remodeling work new home owners undertake when they move in," said NAHB Chief Economist David Crowe. "Consumers are gaining confidence in the economy and feeling more comfortable pulling the trigger on large and small renovations."
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