The coronavirus’ impact on the remodeling business is substantial, according to a recent NAHB survey. Over 90 percent of remodelers report a decrease in project inquiries and the general willingness of homeowners to remodel at this time. Other major concerns include the supply of N95 masks, the overall willingness of homeowners to interact with the crew, and cancellations and delays of projects. Though this is not necessarily surprising and resembles the overall trends in the housing industry, including real estate, the survey reveals just how deep the virus’ impact is as the pandemic continues.
A recent NAHB survey shows the negative effect the coronavirus pandemic is having on the decision to remodel. Over 90 percent of remodelers in the survey reported a slowdown in both the rate at which inquiries are coming in, and in the general willingness of homeowners to remodel at this time.
This information was collected via a question added to the survey for NAHB’s first quarter 2020 Remodeling Market Index (RMI). The RMI question listed eight possible impacts of the coronavirus and asked the professional remodelers in the panel if each has so far had a major, minor, or no adverse effect on their businesses. As indicated above, at the top of the list 96 percent of remodelers said the virus was hurting the rate at which inquiries are coming in and 93 percent said the virus was hurting the general willingness of homeowners to remodel at this time. A full 70 percent characterized the negative impact on inquiries as major rather than minor.