Remodel market looks strong
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New residential construction has cooled amid low inventories and high interest rates. Remodeling, however, presents a bright spot.
The National Kitchen and Bath Association reports homeowners are moving forward with remodeling projects despite the economic uncertainty.
“The pace of 2023 has been consistent with the last few years for production,” Beth Rhoades, president of C&R Remodeling, tells Supply House Times. “Calls have slowed down but the overall quality of lead has improved. Job size has maintained, as well.”
There are several reasons for this: Aging in place remains a priority, prompting homeowners to future-proof their homes with accessible kitchens and baths; others are investing in their existing homes instead of buying a home at a higher price and interest rate; and some are just now tackling projects long delayed by supply chain issues.
For builders, remodels are a good opportunity to look beyond surface improvements and give customers an energy upgrade with efficient propane appliances.