Home improvement and replacement projects are on the rise and that means it’s a great time to be a contractor who offers metal roofing services. Shares in the industry will continue to gain value. Metrostudy is a provider of market information to the housing and residential construction industry. On February 15th, 2017, they released data showing that the Residential Remodeling Index will rise another 4.4% nationwide this year, 3.1% next year, and 2.7% in 2019. Also, this index is now the highest it has ever been. This index was created using economic factors related directly to undertaking home improvement and replacement projects worth at least $1,000. Remodeling had peaked in 2006 before the Great Recession, but conditions have improved once again and are 6.1% better than their previous peak. The market has been improving constantly for the past 4 years. The chief economist of Metrostudy stated that, “The remodeling industry in the United States will continue to be fueled by an economy approaching full employment, growing paychecks, and continued gains in home equity over the next few years.”
Furthermore, mortgage rates are forecasted to be increasing through the next few years. When higher rates slow home sales and price appreciation, a vast number of households will be keeping their homes they purchased with lower rates and will choose to remodel or renovate. So, there is a positive outcome. One problem that may affect the future of the remodeling market is a shortage of construction workers, which leads to higher job costs. The market is in a great position now, which may help to absorb the losses in profit from this shortage if it increases. Many positive changes are coming to the American steel and roofing industries as result of President Trump’s policies and we, at 1st Coast Metals, will stay informed and provide you with the information you need.
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