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Remodeling market shows signs of improvement

The National Association of the Remodeling Industry reports a 2.5 percent growth in business, according to its third-quarter report.

“Overall, NARI members are experiencing an upswing. However, the future paints a more mixed picture,” Tom O’Grady, chairman of the NARI strategic planning and research committee and president of O’Grady Builders in Drexel Hill, Pa., said in a statement.

Grady said Hurricane Sandy’s destruction will likely spur more activity on the East Coast, but homeowners’ difficulty in acquiring loans, lagging home sales and high unemployment remain obstacles.

“Those benefiting from positive economic and housing trends are wary of whether this growth will sustain under changes in the near future in regards to the election and economy,” O’Grady said.

The report says a majority of NARI members feel positive about the volume of inquiries, requests for bids, bid conversions and value of jobs sold.

“Pent-up demand continues to be a huge contributor to home improvement activity, particularly in those who are choosing to stay in homes longer term,” added O’Grady.

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