ORLANDO, FL — The residential remodeling industry saw strong demand throughout 2021 despite supply chain problems and rising costs, according to experts at a press conference hosted by the National Association of Home Builders Remodelers at the NAHB International Builders’ Show.
The latest NAHB/Royal Building Products Remodeling Market Index (RMI) revealed continued year-over-year improvement in remodelers’ sentiment, with index levels at well above break-even point of 50, the Washington, DC-based trade association said.
“Higher home equity and historically low interest rates provided resources for homeowners to improve their existing homes, helping to support the high demand for remodeling projects,” said Paul Emrath, NAHB assistant v.p./surveys and housing policy research.
“Despite delays and higher costs due to supply chain problems, demand for remodeling remains high,” Emrath observed. “Looking ahead, we expect to see continued growth in the remodeling market in 2022 and 2023, although not as strong as 2021.”
Discussing popular projects, NAHB Remodelers Chair Steve Cunningham said that he expects outdoor spaces, home offices and flex spaces to continue their upward trend, “and the next wave of projects will include multi-generational living.”