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After two sluggish quarters, expenditures on remodeling increased in the second quarter of 2002 to an annual rate of 1.9%, according to the Remodeling Activities Index from the Harvard University Joint Center for Housing Studies. During the fourth quarter of 2001, the index slid 7%, and it remained flat in the first quarter of this year.
The RAI considers four factors in the remodeling industry: manufacturers’ shipments of floor and wall tile products; retail sales at building materials and supply stores; sales of existing single-family homes; and the prime loan rate.
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