In a normal year, one of the highlights of the fall is the major industry events like the Remodeling Show and the NAHB Fall Business meetings. Like so many events in 2020, these remodeling industry meetings have gone virtual.
The T.W. Ellis team has always put an emphasis on the importance of giving back to our community and association and that hasn’t changed even in the pandemic. It’s why we have put so much time and effort into being part of the NAHB and other trade associations.
Company President Tim Ellis has served as the NAHB Remodelers Chairman of the Board and held a number of other positions. Our team members have earned multiple certifications, including Certified Master Remodeler, Certified Graduate Remodeler, Certified Master Green Professional and more.
The NAHB meetings are a great way for us to keep up with the latest news and trends in the housing industry. We get to hear from other remodelers about what they’re seeing throughout the country, as well as the latest forecasts and reports from industry experts.
With the virtual fall meetings wrapping up last week, we thought it would be a great time to share some of the latest information from NAHB with all of our clients.
Housing staying strong
Even as the pandemic has affected many aspects of life, the housing market has proven to be remarkably resilient.
The pace of single-family building starts in September were up 8.5 percent to their highest level since 2007. Builder confidence is also up, hitting a record high in October, according to the NAHB/Wells Fargo Housing Market Index, as is remodeler confidence. Existing home sales in September hit their highest sales pace since 2006. This all leads to increasing home values, making it a good time to invest in remodeling.
Many remodelers and builders are reporting shortages of materials as demand has increased, while production issues are slowing supply. These shortages are, unfortunately, driving up the costs of some projects.
In a recent NAHB survey, 77 percent of remodelers reported shortages of framing lumber, while more than 60 percent reported inventory challenges with windows and doors and plywood. More than 40 percent of remodelers reported shortages of plumbing fixtures, cabinets and millwork.
Working at home
The pandemic is also changing the way we work and learn. Nearly a third of American adults now report working from home, according to a recent NAHB/Morning Consult poll. Sixty-one percent of those expect they will continue to work from home at least part-time once a COVID-19 vaccine is developed and distributed.
The data also indicates that homeowners are showing a new preference for the suburbs, opting to buy houses further away from the metro cores. NAHB officials credit this to increasing demand for more space and privacy, and less importance being placed on the commute.
That trend appears to have started in the first quarter of the year, even before the coronavirus started greatly affecting life here. That trend accelerated as the year went on, says NAHB Chief Economist Robert Dietz.
T.W. Ellis continues to keep an eye on all these important issues.
Certifications and trade associations improve the professionalism of the entire remodeling industry. When you’re planning your next project, hire a certified, professional remodeler like T.W. Ellis to deliver a quality remodel!