Remodeling Market Index rises in Q4
The Remodeling Market Index (RMI) reached 55 in the fourth quarter of 2012, up five points from the previous quarter, according to the National Association of Home Builders (NAHB). This is the highest reading since the first quarter 2004.
“Remodelers are optimistic about the outlook for slow and steady market growth in the new year,” said 2013 NAHB Remodelers Chairman Bill Shaw, GMR, GMB, CGP, a remodeler from Houston. “Professional remodelers reported more work from large and small projects as well as overall home repair.”
An RMI above 50 indicates that more remodelers report market activity is higher (compared with the prior quarter) than report it is lower. The overall RMI averages ratings of current remodeling activity with indicators of future remodeling activity.
Future market indicators increased from 49 in the previous quarter to 56. Current market conditions rose from 52 to 54. Remodelers indicated that activity was particularly strong in owner-occupied properties.
The RMI was above 50 in all four regions of the country. The RMI in the Northeast surged 24 points, due to the start of remodeling work related to Superstorm Sandy damage.
Fastenal reports sales and earnings gains
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Winona, Minn.-based Fastenal posted fourth-quarter net sales of $757.2 million, up 8.5% from the same three months in the prior year. Earnings for the quarter were up 12.9% to $98.72 million.
“The sales growth was consistent throughout our business,” said Willard D. Oberton, CEO. He added that the pace of growth has slowed somewhat.
For the full year of 2102, the company’s sales increased 13.3% to $3.13 billion. Net earnings for the year were $420.5 million, up 17.5% from the 2011 period.
The company opened 80 new stores in 2012, increasing its footprint to 2,652 locations as of Dec. 31.
Sea Gull flexes its engineering muscle at IBS
Chicago-based Sea Gull Lighting, maker of decorative and functional lighting, will unveil more than 250 new decorative products during the International Builders’ Show Jan. 22-24.
“We’ve invested a great deal in the company and the brand during the last year,” said new Sea Gull Lighting president Matt Vollmer. “Part of the investment has been a comprehensive and effective overhaul in our product development process.”
Vollmer said the company has a larger pool of engineers and a new VP engineering.
Sea Gull also expanded the number of its Energy Star-qualified products to 582, he said.