Month: September 2024

The hardwood industry is facing significant challenges, primarily due to a lack of unified support for its associations and representatives who advocate for the truth about hardwood’s environmental benefits. As the industry grapples with declining markets, professionals are urged to shift their focus from individual manufacturing adjustments to collective action. The NHLA’s recent strategic plan emphasizes the necessity of a unified message to combat the misinformation surrounding hardwood lumber. The call to action highlights that individual efforts alone will not change the consumer perception or political narrative; instead, collaboration is…

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In 2024, the cost of roof replacement varies significantly, ranging from approximately $6,700 to $80,000, with the average cost around $11,500 for a standard-sized home. This wide price range is largely influenced by the choice of materials and the complexity of the roof design. While labor accounts for up to 60% of the total cost—averaging between $40 and $60 per hour—material expenses also play a crucial role, with prices varying based on the type of roofing selected, such as asphalt shingles, metal, or slate tiles. Homeowners and contractors alike should…

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Long Island’s evolving architectural landscape reflects a blend of historical influence and modern demands, as local builders adapt to changing preferences and materials. As noted by Alex Lipsky of Lipsky Construction Management, there is a growing push for bold colors and high-end finishes, signaling a shift from the traditional gray aesthetics of the past. The rise in modernized construction is driven by the need to replace aging materials with more durable options, such as composite products taking the place of wood, due to their longevity. Supply chain disruptions from the…

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In August, the prices for inputs to new residential construction, excluding labor, capital investment, and imports, saw a slight decrease of 0.1%, as reported by the U.S. Bureau of Labor Statistics’ Producer Price Index (PPI). Year-over-year, the index increased by 0.8%, down from a 1.8% rise in July. This index is divided into goods and services components, with goods showing a modest annual increase of 0.2% while services rose by 1.9%. For context, the overall final demand index saw a 1.7% increase in August, reflecting flat demand for goods but…

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Elliott Pike, founder of ELM Construction, was named the 2023 Remodeler of the Year by the National Association of Home Builders (NAHB). This esteemed award reflects Elliott’s commitment to client satisfaction, underscored by positive feedback, strong customer testimonials, and impressive repeat business. Elliott expressed his gratitude for the recognition, noting the honor of standing out among countless remodelers across the country. Founded in 2008 from Elliott’s spare bedroom, ELM Construction has grown into a leading remodeling company in Alabama and beyond. Elliott attributes this success to his dedicated team, emphasizing…

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The J.D. Power 2024 U.S. Home Insurance Study reveals significant challenges in the homeowners and renters insurance markets, as rising premiums have outpaced inflation and increased customer dissatisfaction. The average shopping rate for home insurance has reached a record 6.8%, with 37% of customers considering new policies due to insurer-initiated rate hikes. This dissatisfaction is evident in the study’s findings, where customers facing rate increases reported an average satisfaction score of 594 on a 1,000-point scale, significantly lower than those who did not experience such increases. Despite the increased shopping…

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In a recent episode of The New Home Insights podcast, Bill Darcy, CEO of the National Kitchen and Bath Association (NKBA), shared insights on the kitchen and bath market, which was valued at $179 billion in 2023. While a slight dip to $173 billion is expected this year due to inflation and labor challenges, the industry remains optimistic. The NKBA’s Kitchen and Bath Market Index (KBMI) indicates a future expansion sentiment despite a recent dip, with the index at 56 for Q1 and 54 for Q2, reflecting cautious optimism among…

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Designed by Etch Design Group and architected by Kelley Design Group, the Great Hills Abode renovation embodies the ultimate “forever” home, blending timeless elegance with modern functionality. The project focused on enhancing curb appeal and included significant additions, such as a spacious butler’s pantry adjacent to a sparkling new kitchen and a luxurious primary suite. Outdoors, a stunning pool and cabana with an outdoor shower were added, creating an ideal setting for relaxation and entertainment. This remodel not only fulfills the family’s deepest desires but also stands as a sanctuary…

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The Economic & Industry Update is a monthly report that consolidates general economic data, housing market trends, and home improvement market insights, primarily using publicly available information for the convenience of its members. Its main objectives include identifying and evaluating key economic indicators to assess their impact on the home improvement sector, analyzing housing market trends to understand their influence on the demand for building products, and investigating shifts in consumer behavior and spending patterns related to home improvement and renovation projects. Read more

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In a significant policy shift, the Federal Open Market Committee (FOMC) has announced a reduction in the short-term federal funds rate from 5.5% to 5%. This marks the beginning of a series of anticipated rate cuts aimed at normalizing interest rates and addressing the evolving risks associated with inflation and the labor market. The FOMC noted that while inflation has shown progress toward its 2% target, it remains elevated. The central bank’s economic outlook projects a slowing economy without a recession, with GDP growth rates expected to hover around 2%…

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