Exterior remodelers have plenty to be thankful for this Thanksgiving — and forecasts show that should remain the case at least through 2020.
Big-ticket remodeling activity nationwide recently hit a new high, rising 1.2% in the third quarter from the second and 4.8% from 2016’s July-to-September period, according to Metrostudy‘s latest Residential Remodeling Index (RRI).
The index rose to an unprecedented 110.0 in the third quarter. That means economic conditions known to influence remodeling activity are 10% better than the old peak in early 2007, just before the Great Recession. The RRI has shown year-over-year gains for 22 consecutive quarters.
“Hurricanes Harvey and Irma hampered national job growth in September, but payrolls bounced back in October with 261,000 new jobs, while the unemployment rate fell to 4.1%, the lowest level since Year 2000,” said Mark Boud, chief economist at Metrostudy, a sister company to Replacement Contractor. “There are very little signs of the labor market slowing, and more signs the economy as a whole is gaining strength.”
The index is based on a statistical model that takes into account such data as household level remodeling permits, employment statistics, and a market’s economic health. It then uses that model to predict the number and dollar volume of home improvement and replacement projects worth at least $1,000.
“There is growing sentiment that the U.S. economy is finally firing on multiple cylinders,” Boud added, “and we expect the remodeling market to benefit over the near term as consumers become increasingly confident. We also expect project activity to increase noticeably over the next year in the hurricane-hit areas of Texas and Florida as recovery begins.”
But as contractors gather for the Thanksgiving holiday, they’re giving thanks for much more than just a good economy. Here’s a look at what some top exterior remodelers are most thankful for this year — and what you can glean from it:
· “We are most thankful this year for the continued support from our membership with Remodelers Advantage Roundtables. RA continuously holds us accountable to our company goals and provides an unmatched resource to the top experts in the industry.” —Bryan & Laura Slowick, BDS Design Build Remodel, a Remodeling Big50 company
· “We are most thankful for our extended Chicago summer which graced us into October this year!”– Allyson Case, Integro Rehab, a Remodeling Big50 company
· “There are so many things to be thankful for this year: being on this year’s Big50 list and making the cover of the Septembers issue; remaining busy as the Winter Months roll in; growth to our company by the addition of one full-time office and one full-time field employee; the connections we have made; and the additional knowledge gained. This year has by far been the best year for DES and we’re really looking to crush it in 2018! — Stephen G Samuels, DES Home Renovations, a Remodeling Big50 company
· “We are thankful for every member of our community, because the community as a whole provides the people who work for Residential Renovations and the homeowners who choose us for their home improvement projects. Together we grow to make the community at large a better place to live, raise children and revitalize all neighborhoods. A big thanks from Residential Renovation to Greater Toledo, including all of Northwest Ohio and Southeast Michigan! — Milissa Clark, Residential Renovations, a Remodeling Big50 company
· “We are thankful for the trust that our consumers in our area have in our company, because without our consumers’ trust we would be no where. We’ve built that trust over the 40 years we’ve been in business. I’m thankful for that trust on an annual basis — Bob Bollin, president, TOLEDO DOOR AND WINDOW
· “This year, we are most thankful for organization. We are grateful for the systems that bring our people together to be able to achieve what we set out to do, each time (hopefully) better than the last! — the team at Lee & Co, a Remodeling Big50 company
· “Window world has been a family for 22 years running. Our CEO Tammy Whitworth fought a battle with breast cancer a few years back and we all came together around that like a family. So I’m thankful for a community of people who care about everyone and supports people from within. I’ve been in my career for 23 years and I’ve been with a number of companies. But this is a place I hope I can hang my hat at the end of the day when I retire.” —Steve Newton, Window World, a Remodeling 550 company
