Business View Magazine | May/June 2022

14 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 5 Economist Robert Dietz. “Nevertheless, rising interest rates and the high cost of materials are significant headwinds to the remodeling industry and the housing industry at large.” The NAHB/Westlake Royal Remodeling Market Index RMI was redesigned in 2020 to ease respondent burden and improve its ability to interpret and track industry trends. As a result, readings cannot be compared quarter to quarter until enough data are collected to seasonally adjust the series. To track quarterly trends, the redesigned RMI survey asks remodelers to compare market conditions to three months earlier, using a “better,” “about the same,” “worse” scale. Seventy-two percent of respondents said the remodeling market is “about the same” as it was three months earlier. For the full RMI tables, please visit http://www. nahb.org/rmi . An overall RMI of 86 indicates positive remodeler sentiment and is consistent with NAHB’s projection of moderate growth in the remodeling market for 2022 remodeling projects ($50,000 or more) rose four points to 89, while the component measuring moderately-sized remodeling projects (at least $20,000 but less than $50,000) fell one point to 89, and the component measuring small remodeling projects (under $20,000) declined by two points to 90. The Future Indicators Index edged down two points to 82 compared to the first quarter of 2021. The component measuring the current rate at which leads and inquiries are coming in fell six points to 80, while the component measuring the backlog of remodeling jobs increased two points to 84. “An overall RMI of 86 indicates positive remodeler sentiment and is consistent with NAHB’s projection of moderate growth in the remodeling market for 2022,” said NAHB Chief