The Remodeling Business Pulse (RBP) data of current and future remodeling business conditions is reaching new heights, says the National Association of the Remodeling Industry’s (NARI) [www.nari.org], Chicago.
C&D recyclers who acquire material from residential remodeling jobs may be gratified to hear that NAIR says “quarter-over-quarter increases are seen across all sub-components measuring remodeling activity.”
Overall, current business conditions have seen steady increases since March of 2012, reports NARI, “now at a statistically significant 5.97 rating compared with the 5.59 rating from one year before.”
“Remodelers nationwide are not only experiencing increased activity right now, but many have a backlog of projects well into the fall,” says Tom O’Grady, chairman of NARI’s Strategic Planning & Research Committee and president of O’Grady Builders, Drexel Hill, Pa. “This current condition is worlds away from March of last year and suggests that the recovery is beginning to gain speed.”
Growth indicators in the first quarter of 2013 identified by NARI include:
- Number of inquiries up 4.9 percent since last quarter;
- requests for bids up 5.2 percent since last quarter; and
- conversion of bids to jobs up 1.1 percent since last quarter.
Sharp increases in the number of inquiries and requests for bids point to an increase in consumer confidence, especially in housing, NARI continues.
“Homeowners are tired of waiting to make improvements—many have chosen to stay put—and better financial positioning has them actively approaching professionals to get work done and enhance long-term livability of the home,” O’Grady says.
Whereas two-thirds of remodelers forecasted the next three months positively in December of 2012, now 76 percent of remodelers believe there will be growth in the next three months. Only 7 percent of respondents predicted declines in the near future.