Trend Watch: Home Remodeling Market Starts to Soar

Bathroom Remodel

Bathroom Remodel

For the first time in years, remodeling companies are seeing a considerable boost in business from one quarter into the next. Reports from the National Association of the Remodeling Industry (NARI) show a steady increase in overall business conditions throughout 2013. Pent-up demand for home renovation projects has resulted in many companies seeing a backlog of work over the summer and fall.

Projects that have been postponed due to the economy are starting to pick back up, and are a key driver of growth. “The general sense is that consumers are tired of waiting and feel more secure about spending money, which is also reflected in the higher values in jobs sold,” says Tom O’Grady, chairman of NARI’s Strategic Planning & Research Committee.

Higher-value jobs sold, more inquiries, and conversion of bids to jobs are all up, while requests for bids remained the same as last quarter. Business ratings are high even going into the holiday season, which is traditionally a slower time.

Photo: Brad Bowsher

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