As of 2019, the National Association of Home Builders (NAHB( revealed that the Remodeling Index (RMI) had a reading of 54 for the first quarter of the year, falling three points from the previous quarter. Despite this fall, however, the RMI has consistently stayed above 50, meaning the remodeling market’s activity is higher compared to the previous quarter.
While the fall may have worried some, the NAHB says the demand for home improvements, such as kitchen remodeling, is still strong due to insufficient new home construction. However, skilled laborers are becoming difficult to find. The market is also expected to continue to expand due to the various factors that keep remodeling spending up.
In this post, STL Design and Build discusses these numerous factors that keep remodeling spending on the up and up.
One of the areas that saw the greatest improvements as of late is exterior remodeling. These projects include roof replacement, siding and windows, totaling $45.6 million.
Interior Remodeling Projects
Interior improvement projects like kitchen and bathroom remodeling, room additions and interior replacement follow exterior remodeling closely when it comes to improvements in spending factors. Kitchen remodeling projects managed to total $25.6 million while $18.2 million was spent on bathroom remodeling.
Aging-in-Place and Efficiency Improvements
As the current generation prefers to stay at home with their elderly family members, remodeling projects that involve aging-in-place plans are steadily rising to accommodate their needs. Since these houses are older, there’s also an increased demand for improvements to allow the home to remain energy-efficient. This trend is also expected to continue since the younger generation is finding it increasingly harder to afford escalating housing costs.
If you’re looking for a deck builder, turn to STL Design and Build. We are your number one provider of bathroom remodeling and insurance restoration services. Give us a call at (314) 930-3888, or fill out our contact form to schedule a free estimate.