State of the Industry
Despite the latest government furloughs which are already affecting the economy in many ways, there is a pent-up demand in the custom remodeling business. Interest rates are low, making it more palatable to borrow money. Construction starts were up about 27 percent last month. Materials prices are increasing because the demand has begun to pick up. Lumber prices, for example, have increased between 30 and 60 percent. Despite the flurry of activity in new customers, hiring was up only two percent. Either we’re using more machinery to get the job done or contractors are doing more with fewer people. That means getting on the schedule of a quality contractor is going to get more and more difficult.
The message? Don’t wait. Take action now on any custom remodeling jobs you’ve been meaning to do. Talk to your custom builder and find out how making decisions now can save you money in the future. In addition, save yourself the headache of working with remodelers who won’t be able to stay in business because they are bidding too low or are trying to do too much with too little. Schedules are getting tight. Get on your builder’s schedule now.
