Third Quarter U.S. Remodeling Industry Confidence Surges

The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) for the third quarter of 2020 posted a reading of 82, a signal of U.S. residential remodelers’ strong confidence in their markets, for projects of all sizes. “The third quarter RMI reading of 82 indicates strong remodeler sentiment, as business has strengthened as homeowners focus on the importance of home for work and life amidst the pandemic and its consequences,” says Robert Dietz, NAHB chief economist. “However, remodelers are reporting double-digit percentage increases for material pricing as delays in obtaining materials have become a critical near-term challenge due to disrupted supply-chains. Nonetheless, the third quarter RMI is another indicator showing that housing is the bright spot of the economy.”