The National Association of Home Builders Remodeling Market Index hit a level of 60 in the fourth quarter of 2017, an increase of three points compared with the third quarter and the second time since 2001 the index has reached 60.
"At a high of 60, the RMI is consistent with the strong growth in home improvement spending in 2017," said NAHB Chief Economist Robert Dietz in a statement. "However, the surge in the backlog of remodeling jobs likely reflects supply-side challenges remodelers are facing in the form of skilled labor shortages and rising material prices."
Among the index’s components, major additions and alterations increased seven points to 60, minor additions and alterations rose three points to 59, and home maintenance and repair went up three points to 61.
