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SNEAK PEEK: Residential Remodeling Index Projecting 2013 Activity Best in Six Years
John Crosby / HW.com / November 6, 2013
Remodeling and replacement projects continue to come in stronger than originally expected based on the latest release of the Residential Remodeling Index (RRI) by Metrostudy, a Hanley Wood company. The seasonally adjusted third quarter national composite of the RRI registered a score of 93.3, which was a 2 percent improvement over the upwardly revised second quarter result of 91.3.
The increase quarter-to-quarter was the seventh consecutive improvement after the industry experienced declines in 2011 and bottomed out after peaking in 2007. As housing fundamentals began turning the corner in 2012, remodeling and replacement began to increase, but 2013 is turning out to be the strongest year for remodeling and replacement activity since 2007 due to strong housing market fundamentals driving demand. Metrostudy is forecasting the market to continue to improve over the next several years and is now calling for a full recovery nationally within the next two years.
Full details to be distributed on Friday, November 8.