RRI Shows Promise Even With Tight Housing MarketAugust 26th, 2019 by Editor
The national Residential Remodeling Index (RRI), a Metrostudy detailed representation of activity in the remodeling and replacement industry, shows a new high for the second quarter of 2019.
The RRI reached 118.3 in the second quarter, a 0.7% increase from the first quarter this year and 3.4% from one year earlier making twenty-nine consecutive quarters of year-over-year gains since national remodeling activity bottomed in 2011.
“At current levels, the job market is generating more than sufficient demand to feed the housing and remodeling markets,” says Mark Boud, chief economist at Metrostudy. “Overall, we expect continued increases in remodeling over the short term, just at slower rates of growth compared to the past few years.”
The RRI is a quarterly measure of the level of remodeling activity in 381 metropolitan statistical areas (MSA) in the U.S. “Activity” includes home improvement and replacement projects but does not include maintenance or projects of less than $1,000.