New Index Shows Coronavirus Impact on Remodeler Confidence

Ninety-six percent of remodelers nationwide are experiencing a slowdown in the rate at which they’re receiving inquiries as a result of the coronavirus, according to the National Association of Home Builders, who included a survey question on the matter in its latest Remodeling Market Index. Ninety-three percent report a growing unwillingness among homeowners to remodel at this time. Those impacts and more have depressed confidence in the market.

Articulated on a scale of 1-100, RMI is a quarterly measure of general industry sentiment, where anything above 50 is considered “good.” The current national RMI is 48. It’s fallen 10 points since last quarter and marks a nine-year low.

Ninety-three percent report a growing unwillingness among homeowners to remodel at this time.

Regionally, the South (45) and Midwest (47) are feeling it the worst. Remodelers in those areas are reporting the most significant impacts from the virus on incoming leads and inquiries, and on the extent of their backlogs.

There is hope in the West, where attitudes are baseline good at 50; and in the Northeast, where despite having been hit hardest by the virus remodelers are feeling confident, with an RMI of 58 (despite also reporting drops in lead and inquiry rates).

Included in this quarter’s RMI—which surveys hundreds of remodelers from across the country—was the additional question: As of this date, has the coronavirus had a noticeable, adverse effect on any of the following aspects of remodeling business? Below are the full results.