The 2022 Remodeling Market Index (RMI) from NAHB and Westlake Royal revealed positive remodeler sentiment and unchanged market conditions from the first quarter of 2021. The Current Conditions Index was 89 in the first quarter of 2022, an unchanged component from 2021, revealing strength in the remodeling sector likely caused by a backlog of projects, Eye on Housing Reports.
NAHB predicts moderate growth in the remodeling market throughout 2022, though rising interest rates and elevated materials costs could create challenges for homeowners and builders taking on new projects in the months ahead.
In the first quarter of 2022, the Current Conditions component index was 89, remaining unchanged compared to the first quarter of 2021. Year-over-year, the subcomponent measuring large remodeling projects rose four points to 89, while the subcomponent measuring moderately-sized remodeling projects edged down one point to 89, and the subcomponent measuring small remodeling projects declined by two points to 90.