Washington, D.C. (PRWEB) May 08, 2014

Metrostudy, a Hanley Wood company, announced today the release of its First Quarter 2014 Residential Remodeling Index (RRI) detailing activity in the remodeling and replacement industry.

Following its best year since 2008, the residential remodeling and replacement industry experienced a slightly weaker start to 2014 than originally forecasted according to the latest release of the Residential Remodeling Index (RRI) by Metrostudy, a Hanley Wood company. The seasonally adjusted first quarter national composite of the RRI registered a score of 95.2, which was a 0.7 percent improvement over the revised fourth quarter result of 94.5.

Year-over-year, the index gained 6.6 percent, marking the ninth consecutive quarterly improvement since the market bottomed at the end of 2011.

The first quarter was only slightly weaker than forecasted amidst strong housing market fundamentals, better consumer confidence, and improving economic conditions, remarked Jonathan Smoke, Chief Economist of Hanley Wood. We are hearing from remodelers and contractors all across the country that the weather did impact their ability to execute from job site issues to labor and material delays. With the winter now behind us and our forecast remaining strong for 2014, we expect to see the pace of growth improve throughout the year. Remodelers remain quite confident about their business based on our April survey of remodelers and replacement contractors. On a national basis, the quality and volume of their job backlog is high and the corresponding quality and volume of leads and inquiries is even higher.

Metrostudy produces the RRI to provide the industry visibility into local market remodeling activity, forecasted future activity, and potential demand. According to the companys fourth quarter report, 360 out of 381 Metropolitan Statistical Areas should see year-over-year growth in remodeling and replacement projects in 2014, with markets averaging growth of 5 percent.

The full RRI quarterly report can be accessed here.

About the Residential Remodeling Index The RRI is a quarterly measure of the level of remodeling activity in 381 metropolitan statistical areas (MSA) in the U.S., with the national composite reflecting the national level of activity. Activity includes home improvement and replacement projects, but does not include maintenance or projects of less than $1000. The seasonally adjusted index shows the relative level of activity in the geography specified (MSA or national composite) compared to 2007 (the baseline year). A number above 100 indicates a level of remodeling activity higher than the level of activity at the beginning of 2007, which was the peak of remodeling activity in the prior decade.

The index is produced through a statistical model that leverages detailed data on remodeling activity, including household level remodeling permits, and consumer-reported remodeling and replacement projects. Quarterly historical results for the national composite and for each of the 381 Metropolitan Statistical Areas in the U.S. are available back to 2004. In addition, Metrostudy also produces annual estimates of project counts and expenditures as well as forecasts of the quarterly RRI and annual projects and expenditures.

About Metrostudy Metrostudy, a Hanley Wood company, is the largest provider of comprehensive research and insight for the real estate industry. Builders, developers, banks, manufacturers, retailers and many other industries all rely on Metrostudy's data and analytics to support strategic business decisions at the local, regional and national market level. http://www.Metrostudy.com

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Metrostudy Releases Q1 2014 Residential Remodeling Index (RRI)

From staff reports

MIFFLINTOWN - At their regular meeting Tuesday, the Juniata County Commissioners approved a pair of remodeling projects for county-owned buildings at a total cost of a little more than $30,000.

William P. Seiler Building & Remodeling will perform work on the Juniata County Annex building at a cost of $12,968. Seiler Building & Remodeling will also perform work on the H. Brown Fry Building at a cost of $18,494.

Both proposals were ratified by a 2-1 vote with Commissioner Teresa O'Neal voting in opposition both times.

The commissioners also approved a proclamation celebrating the 100th anniversary of the signing of the Smith-Lever Act.

The Smith-Lever Act was the founding legislation of the nationwide Cooperative Extension System, which includes 4-H and the Penn State Cooperative Extension system.

The commissioners also reviewed:

The "Juniata County Children & Youth Social Services and Probation Expenditure Report" for the period Jan. 1 through March 31 as submitted by Robyn Ventresca, Children & Youth Fiscal Assistant.

A change in Assessment Report for April 2014 as submitted by Jeff Haines, Chief Assessor.

The Treasurer's Report for April 2014 as submitted by Sandra F. King, Treasurer.

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Remodeling approved in Juniata County

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Dashs Markets is closing its supermarket on Kenmore Avenue as of Sunday to prepare the former Budweys grocery store for extensive renovations, owner Joe Dash said Monday.

However, work at the Kenmore Avenue store wont begin for some time as Dashs executives weigh their options for the project and await final design details.

Dash said he hopes remodeling will begin in the summer or early fall, and he expects to open the renovated store by spring 2015 following six or seven months of construction.

The store needs a major renovation to do what we do, Dash said.

The Kenmore Avenue Dashs will be open through Saturday and signs there advertise a storewide remodeling sale.

Dash said closing the store now, months before construction begins, gives Dashs the chance to place its nearly 100 employees in positions at its four other area locations.

A majority of employees at the 416 Kenmore Ave. store agreed to transfer, and Dashs wouldnt have been able to accommodate them if the company had waited until construction began to close the store, Dash said.

He said the company also held off on doing its normal level of new hiring in recent weeks to further ensure the Kenmore Avenue employees could find positions elsewhere in the chain.

Dashs has between 550 and 575 employees in all, said Mark Mahoney, executive vice president and director of operations.

The chain agreed in November to buy the former Kenmore Avenue Budweys after Frank Budwey decided to retire from the supermarket business.

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Dashs Kenmore Avenue store closing Sunday for future remodeling

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Last year, nearly 10 million homeowners came out from underwater on their mortgages, finally regaining some home equity. Along with the equity has come an increase in confidence in housing as an investment. That has helped more homeownership pull the trigger on a remodel, but they are, in general, still doing smaller, less expensive projects.

Read More Homeownership falls to 19-year low: Here's why

"You're still very nervous about overbuilding your neighborhood, putting more money in your house than you can get back if you're going to sell it," said Kermit Baker of Harvard's Joint Center for Housing and the American Institute of Architects. "So we're seeing for example not $125,000 kitchen remodels but $30-40-50,000 kitchen remodels."

Architects reported a jump in most sectors of remodeling in 2013, with additions and kitchen and bath renovations leading the surge. A survey by the firm Hanley Wood shows even minor kitchen and bathroom remodels recoup on average 82 and 73 percent of their values respectively in resale gains. Only projects by first-time home buyers, who are sorely under-represented in today's housing recovery, were weaker, as prices for both home and home renovations rose.

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