Remodelers lower expectations but anticipate growth - MultiBriefs Exclusive

Remodeling contractors expect a modest growth of about 3.5% in the fourth quarter of this year down from a 5.4% projection. The next year may not be as good because of weak home sales and weak home construction. Fewer people are expected to want home remodeling and a shortage of labor and the rising cost of materials and products will also reduce home remodeling projects. There will always be bathroom remodels and work due to natural disasters but overall it will be a slower year for remodelers.

Key Takeaways:

Various metrics in the home improvement sphere indicated lower growth than previously expected.
Home improvement is still expected to grow as people refurnish their kitchen and bathrooms.
Client inquiries rose overall as millennials remodeled more of their homes.

“Remodelers have scaled back somewhat their expectations for business growth this year in the light of easing demand the past two quarters.”