The Remodeling Market Index (RMI) for the first quarter of 2024 was at 66, down one point compared to the previous quarter, but still in the positive range.
“Demand for remodeling remains solid, especially among customers who don’t need to finance their projects at current interest rates,” stated NAHB Remodelers Chair Mike Pressgrove, a remodeler from Topeka, Kan. “Construction costs are still an issue in some places, just as they were toward the end of last year.”
“An RMI at 66 is consistent with NAHB’s forecast for stable remodeling spending in 2024,” said NAHB Chief Economist Robert Dietz. “Rising costs for construction labor and building materials continue to be the major headwinds to faster growth.”
The NAHB/Westlake Royal RMI survey asks remodelers to rate five components of the remodeling market as "good," "fair" or "poor." Each question is measured on a scale from 0 to 100, where an index number above 50 indicates that a higher share view conditions as good than poor.
The Current Conditions Index averaged 74, which was unchanged from the previous quarter. The Future Indicators Index averaged 59, unchanged from the previous quarter.
The full RMI tables can be found here.
