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According to the National Association of the Remodeling Industry’s fourth-quarter Remodeling Business Pulse, data of current and future remodeling business conditions indicates that there’s growth, and that it won’t slow down anytime soon.
Tom O’Grady, chairman of National Association of the Remodeling Industry’s (NARI) Strategic Planning & Research Committee, says that “Many remodelers entered 2014 with jobs in the pipeline, which hasn’t happened in the past few years. Although inquiries, requests for bids and conversion of bids are down in Q4, that backlog has given remodelers confidence that the overall business conditions will remain positive.”
“I would say that generally speaking, the economic condition seems to be better,” explains Marcello Becchi, Director of Business Development at Trend Terrazzo. “People who own property feel more inclined to invest money. I would say that there’s a general sense of more confidence. People are investing more in their property.”
According to the data, some of the factors that contribute to the overall activity include people needing to do projects that had been postponed, improving home prices, and economic growth improvement.
“The outlook forecasts that favorable business conditions will remain strong across all regions of the United States,” said O’Grady. “Consumer confidence is up, which translates into more homeowners feeling safe investing in their homes.”
Bid conversions to jobs continue to be the weakest measure in comparison to this time last year, but the projected strength of sales in three months actually had a significant increase from 6.12 recorded in September to 6.14.
“The fourth quarter of this year was very strong for many remodelers, as reflected in the Remodeling Business Pulse Survey,” said O’Grady. “Average sale prices continue to rise, and consumers are more comfortable spending money on projects that will increase the value of their homes.”
The kinds of remodels that most people are looking for are the ones that provide the largest ROI–the biggest bang for their buck. These are remodels and renovations that offer to increase a home’s resale value by more than what the project costs.
“It’s all about first impression, no question about that,” said the regional vice president for the National Association of Realtors John Kmiecik. “When I’m sitting with my buyers in my car and we pull up to a home, if it doesn’t look halfway decent, my buyers in many cases say, ‘John let’s take a pass on this, because I just don’t like the outside.’ ”
Regardless of the type of remodels that are being requested, there’s no doubt that the industry will continue to experience even more growth as it heads into Spring.