The National Association of the Remodeling Industry’s (NARI) fourth-quarter Remodeling Business Pulse data of current and future remodeling business conditions has experienced significant growth across all indicators, with forecasting in the next three months hitting its all-time highest level.
“Remodelers are indicating major growth in the future, with many saying that clients are feeling more stable in their financial future and their employment situations; therefore, they are spending more freely on remodeling needs,” said Tom O’Grady, CR, CKBR, chairman of NARI’s Strategic Planning & Research Committee and president of O’Grady Builders, based in Drexel Hill, PA.
Growth indicators in the last quarter of 2012 show that current business conditions are up 2.1 percent and the number of inquiries are up 3.9 percent. Requests for bids increased by 3.7 percent and the conversion of bids to jobs is up 3.5 percent since last quarter.
According to the data, expectations for 2013 are even brighter. Two-thirds of remodelers forecasted the next three months positively, and the rating jumped 13.1 percent from last quarter.
Of the small segment predicting declines, 91 percent cited uncertainty of the future with commentary focused largely on tax increases and leadership issues in Washington. “Now that the election is over, consumer confidence is starting to grow and so has remodelers’ confidence,” said O’Grady. “NARI members are looking forward to having a well-deserved, productive year ahead.”
To review the research in its entirety, send a request to marketing@nari.org.
