In the current market conditions index, the outlook for major additions and alterations remained steady and positive, while the outlook for minor alterations and maintenance and repairs slipped slightly in the fourth quarter. The future market indicators fell three points in the fourth quarter, largely driven by increasingly hazy outlooks on work committed for the next three months, remodeling project backlogs, and appointments for proposals.
As indicated by the RMI, the remodeling market ended the year on a solid note. The market continues to benefit from strong employment growth and favorable demographics. However, it also faces ongoing supply-side challenges, such as labor shortages and high material costs.