Remodeling Industry Expects Double Digit Growth in 2021
The U.S. Remodelers Index (USRI), a new index created by Qualified Remodeler magazine and John Burns Real Estate Consulting, registered 63.5 out of 100 for the fourth quarter of 2020. Regionally, the South and Midwest recorded the strongest growth, with the West and Northeast flat or slowed. Across market segments, home improvement professionals specializing in exteriors and bath replacements showed the highest confidence with an index of 72.7, followed by large-scale remodeling professionals at 63.1 and full-service remodelers handing all sized projects at 60.8. Remodeling professionals predict 10% growth for 2021 despite supply and labor shortages.
The USRI benchmarks current industry growth and near-term project demand. It is an independent, frontline view into market trends, shifts, constraints and underlying drivers of professional home repairs and remodels. The USRI is derived from surveying presidents, owners and managers at 346 remodeling firms in all U.S. states. Readings over 50 are considered positive and anything over 60 is considered strong. See Qualifed Remodeler