The Remodeling Market Index (RMI) for the third quarter of 2024 was at 63, down two points from the previous quarter.
“An RMI of 63 is consistent with NAHB’s forecast for steady 2% growth in remodeling spending over the next two years, but remodelers are facing various headwinds,” National Association of Home Builders Chief Economist Robert Dietz said in a statement. “In addition to possible uncertainty associated with the election, it remains difficult to find skilled construction labor, and interest rates have become a double-edged sword.”
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 full RMI report can be found here.
