Remodelers expect pace to slacken
Staff -- Home Textiles Today, 9/2/2002 12:00:00 AM
American homeowners and renters continued to remodel their homes and apartments at a brisk clip during the second quarter of the year, but remodelers in some parts of the nation are reining in their expectations for the back half of the year, the National Association of Home Builders (NAHB) reported.
The home builders' remodeling index held steady at a reading of 52.7 for a second straight quarter, marking a strong seven-point recovery slowdown in residential remodeling last fall.
But looking ahead, "remodelers have apparently tempered their expectations for business prospects in coming months," said the NAHB. The future component of the index fell slightly more than two points, to a reading of 53.2 in the second quarter, with remodelers in the South and West revising their expectations downward from the first quarter by significant margins. Remodelers in the Northeast were only slightly less optimistic than they had been, while those in the Midwest were the most upbeat, recording a gain in future expectations.
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