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Count of Second Homes Declines in 2024 – Eye On Housing

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In 2024, the number of second homes in the U.S. was 6.2 million, accounting for 4.3% of the nation’s housing stock, according to NAHB estimates. This reflects a modest decline from 2022, when the number reached 6.5 million. This decline suggests some cooling following the pandemic-era surge in second home demand.

Despite the recent decline, second homes remain highly concentrated in a few states. Florida had the largest stock of second homes, with 943,881 units accounting for 15.2% of the national total. Overall, half of the nation’s second homes are located in just eight states: Florida, California, New York, Texas, Michigan, North Carolina, Arizona, and Pennsylvania.

A closer look at county-level data shows that the concentration of second homes is not simply restricted to conventional locations like beachfront areas. In total, 738 counties across all 50 states had second homes making up at least 10% of the local housing stock. Only Washington D.C. was the exception, reporting a second home share of 1.7%. Moreover, 272 counties—around 8% of all counties nationwide—had second homes accounting for at least 20% of housing units.

In some areas, second homes dominate the local housing market. Counties where at least half of their housing stock is second homes were widely spread over in fourteen states. Of these counties, there were three counties in Colorado, two counties in Utah, California, Massachusetts, Wisconsin, and Pennsylvania, and one county each in Alaska, Idaho, Maryland, Michigan, Minnesota, Missouri, New Jersey, and New York. These national patterns are shown in the interactive map below.

Counties with more than 25,000 second homes are mostly located in or near metropolitan areas.  The top ten counties with the most second homes account for around 11% of second home stocks, most of which are in Arizona, Florida, California, Massachusetts, and New York. Of the top 10 counties regarding absolute numbers of second homes, only two counties (Barnstable County, Massachusetts, and Collier County, Florida) had more than 20% of their housing stock in second homes.

In terms of methodology, this analysis focuses on the number and location of second homes that would qualify for the home mortgage interest deduction by individuals and uses the Census Bureau’s 2024 American Community Survey (ACS). It does not account for homes held primarily for investment or business purposes.

NAHB estimates are based on the definition used for home mortgage interest deduction: a second home is a non-rental property that is not classified as taxpayer’s principal residence. Examples could be: (1) a home that used to be a primary residence due to a move or a period of simultaneous ownership of two homes due to a move; (2) a home under construction for which the eventual homeowner acts as the builder and obtains a construction loan (Treasury regulations permit up to 24 months of interest deductibility for such construction loans); or (3) a non-rental seasonal or vacation residence. However, homes under construction are not included in this analysis because the ACS does not collect data on units under construction.



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2026 Survey – Eye On Housing

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NAHB estimates the U.S. has a structural housing deficit of 1.2 million units. Among the myriad of headwinds home builders face trying to close that gap is the industry’s chronic shortage of workers in the construction trades. This shortage is responsible for an approximate $11 billion per year impact in terms of higher cost and lost construction, per an NAHB estimate conducted for the Home Builders Institute.

Closing the housing deficit will necessarily entail recruiting younger workers willing to start a career in the construction trades. This new NAHB survey research sheds light on the attitude of young adults ages 18 to 25 towards the construction trades, and where possible, compares findings to a similar study conducted a decade ago. As an update to the 2016 study, this research finds improved young adult interest in the construction trades. This occurs in a period when the impact of technology and changing economic conditions are questioning the future of work. However, more work needs to be done given the still relatively low interest in construction among young adults.

While most young adults know the field in which they want (or currently have) a career, certainty about career choice is waning. In 2016, 74% knew the field where they wanted to work. In 2026, that share is down to 65%. The drop is likely associated with broader economic uncertainty and changing labor market dynamics.

In a positive development for the home building industry, the share interested in a career in the construction trades doubled from 3% to 6% during this period. The two most important benefits they see in a career in the trades are good pay (73%) and the ability to obtain useful skills (65%).

Young adults without a clear sense of career direction received a follow-up question about the chance they might consider a number of fields (construction trades being one of them) using a scale from 1 to 5, where 1 meant ‘no chance no matter the pay’ and 5 meant ‘very good chance if the pay is high.’ In 2026, construction trades received an average rating of 2.6, tying in fourth place on a list of 13 possible fields. A decade earlier, the trades received an average rating of 2.1 and ranked ninth on the same list.

Results further show that of all the young adults who are undecided about a field of work, 51% would be reluctant to consider a career in the trades regardless of pay (rated it a 1 or 2). That share is down from 63% in 2016, however. On the contrary, 30% would likely give the trades a second thought if compensation were high enough (rated it a 4 or 5). Only 18% would have done so a decade ago. These shifts point to a measurable improvement in young adults’ attitudes towards the construction trades over the last 10 years, where willingness to enter the field responds more elastically to higher levels of compensation.

A final question asked the group most reluctant to consider a career in the trades if any compensation level might make them reconsider, and 48% once again affirmed they would not accept a career in the trades at any level of compensation. But, in a critical finding for the home building industry, most (52%) undecided young adults aged 18 to 25 who in theory would not choose a career in the trades would in fact reconsider that position for the right paycheck. That figure is at least $90,000 for 32% of this group and $60,000 to $80,000 for the other 20%. There are 12 construction occupations whose median annual wages already meet or exceed that threshold.

A complete research paper on this topic can be found here, including more granular details about how different subsets of young adults—across gender lines, race/ethnicity, community type (urban, suburban, rural) and region of the country—feel toward a career in the construction trades.



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Builder Sentiment Posts Notable Decline on Economic Uncertainty – Eye On Housing

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Economic uncertainty coupled with rising building material costs and interest rates resulted in a sharp decline in builder sentiment in April as the housing market enters into the heart of the spring buying season.

Builder confidence in the market for newly built single-family homes fell four points to 34 in April, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). This is the lowest level since September 2025.

Builder sentiment fell back in spring as buyers face ongoing elevated interest rates and growing economic uncertainty. The year started with hopes for housing momentum growth, but risks with respect to the Iran war, energy costs, and declines for consumer confidence have slowed the market.

With oil prices higher in the U.S., 62% of builders reported suppliers have increased building material costs due to higher fuel prices, including gas and diesel. Energy costs make up approximately 4% of residential construction material input and service costs.  With near-term economic risks elevated, 70% of builders reported challenges pricing homes given uncertainty about material costs.

The latest HMI survey also revealed that 36% of builders cut prices in April, down slightly from 37% in March. The average price reduction was 5%, down from the 6% figure in March. The use of sales incentives was 60% in April, down from 64% in March, and marking the 13th consecutive month this share reached 60% or higher.

Derived from a monthly survey that NAHB has been conducting for more than 40 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

All three of the major HMI indices posted losses in April. The HMI index gauging current sales conditions fell four points to 37 from March to April, the index measuring future sales dropped seven points to 42 and the index charting traffic of prospective buyers posted a three-point decline to 22.

Looking at the three-month moving averages for regional HMI scores, the Northeast fell two points to 42, the Midwest dropped two points to 41, the South held constant at 35 and the West fell three points to 29.

The HMI tables can be found at nahb.org/hmi.



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Higher Energy Prices Increase Residential Construction Costs – Eye On Housing

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Energy input prices increased in March at their fastest pace since June of 2020 as the conflict in Iran shocked critical global supply chains. Building material prices, excluding energy, rose for the eleventh straight month. Price growth for trade services slowed while transportation and warehousing price growth accelerated.  

The Producer Price Index for final demand increased 0.5% in March, after rising 0.5% in February. The index for final demand services was unchanged in March, while the index for final demand goods rose 1.6% over the month.

The price index for inputs to new residential construction rose 1.2% in March and was up 3.8% from last year. The price of goods used in new residential construction was up 1.8% over the month and up 4.3% from last year, while the price of services was up 0.3% over the month and up 3.1% from last year.

Input Goods

The goods component has a larger importance to the inputs to residential construction price index, representing around 60% of the total. On a monthly basis, the price of input goods to new residential construction was up 1.8% in March.

The input goods to residential construction index can be further broken down into two separate components, one measuring energy inputs with the other measuring remaining goods. The latter of these two components simply represents building materials used in residential construction, which makes up around 93% of the goods index.

Energy input prices rose 21.4% in March and were 20.8% higher than one year ago. The monthly increase in March was the largest since prices rose 30.6% in June 2020. Building material prices were up 0.4% in March and up 3.1% compared to one year ago.

Among input goods, the largest year-over-year increase was for No. 2 diesel fuel as prices were 51.2% higher than a year ago. Metal molding and trim continued to show high price increases, as there were up 45.5% from last year. On the opposite end, the largest yearly declines in prices were for particleboard and fiberboard with prices down 15.7%. Notably, asphalt reported a price decline of 12.3% in March. For key inputs, ready-mix concrete prices were 0.5% higher than a year ago while softwood lumber prices were 7.8% lower than a year ago.

Input Services

Prices for service inputs to residential construction reported an increase of 0.3% in March. On a year-over-year basis, service input prices were up 3.1%. The price index for service inputs to residential construction can be broken out into three separate components: a trade services component, a transportation and warehousing services component, and a services excluding trade, transportation, and warehousing component (other services).

The most significant component is trade services (around 60%), followed by other services (around 29%), and finally transportation and warehousing services (around 11%). The largest component, trade services, was up 3.3% from a year ago. The price of transportation and warehousing services rose 6.2%, while prices for other services were up 1.5% over the year.

Expanded Inputs to New Construction Data

Within the PPI that BLS publishes, new experimental data was recently published regarding inputs to new construction. The data expands existing inputs to industry indexes by incorporating import prices with prices for domestically produced goods and services. With this additional data, users can track how industry input costs are changing among domestically produced products and imported products. This data focuses on new construction, but the complete dataset includes indices across numerous industries that can be found here on BLS website.

New construction input prices are primarily influenced by domestically produced goods and services, with domestic products accounting for 90% of the weight of the industry index for new construction. Imported goods make up the remaining 10% of the index.

The latest available data, for January 2026, showed that domestically produced goods continue to show price growth compared to imported goods used in new construction. On a year-over-year basis, the index for domestic goods increased 2.6%, while prices for imported goods have fallen 2.7%.



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Single-Family Permits Decline Sharply to Start 2026 – Eye On Housing

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Residential construction activity began 2026 on a mixed note, with single-family permitting weakening significantly while multifamily activity remained relatively stable. Higher borrowing costs and affordability constraints continue to weigh on single-family construction, while multifamily permitting shows signs of resilience despite regional variation.

Over the first month of the year, the number of single-family permits issued nationwide reached 62,034. On a year-over-year basis, this represents a 15.2 percent decline compared with the January 2025 total of 73,115. Multifamily permitting activity was essentially flat, with 38,215 permits issued nationwide, marking a 0.5 percent decline from the same period last year.

Regionally, year-to-date single-family permitting declined in all four regions in January. The Midwest declined by 9.1 percent, the Northeast fell 10.6 percent, the South declined 14.7 percent, and the West dropped 20.1 percent. Multifamily permits increased in three of the four regions, led by gains in the Northeast (up 39.4 percent), followed by the West (up 35.5 percent), and the Midwest (up 10.9 percent). The South saw a decline of 24.2 percent, driven largely by a 42.0 percent decrease in Atlanta-Sandy Springs-Roswell, GA metropolitan areas and a 39.0 percent drop in the Houston-Pasadena-The Woodlands, TX metropolitan area.

At the state level, seven states recorded year-over-year increases in single-family permits in January, with gains ranging from 25.5 percent in Montana to 0.4 percent in Washington. Connecticut reported no change. The remaining 42 states and the District of Columbia reported declines, led by the District of Columbia, which posted the steepest drop at 52.0 percent.

The ten states issuing the highest number of single-family permits accounted for 63.8 percent of all single-family permits issued nationwide. Texas led the country, with 9,580 permits issued at the start of 2026, although this represented a 21.3 percent decline compared with January 2025. Florida, the second-highest state, saw permits fall by 14.9 percent, while North Carolina, ranked third, experienced a decline of 9.8 percent.

Between January 2026 and January 2025, 26 states recorded increases in multifamily building permits, while 24 states and the District of Columbia experienced declines. Delaware posted the largest percentage increase, with multifamily permits surging 1,293.8 percent, rising from 16 to 223 units. In contrast, Wyoming recorded the steepest decline, with permits falling 100.0 percent, from 13 to zero units.

The ten states issuing the highest number of multifamily permits accounted for 63.1 percent of all multifamily permits issued nationwide. Over the first month of 2026, California, which issued the most multifamily permits, recorded a substantial increase of 119.2 percent. Texas, the second-highest state, posted a decline of 24.4 percent, while New York, ranking third, saw multifamily permits rise by 66.7 percent.

At the local level, the following are the ten metropolitan areas with the highest number of single-family permits issued.

Below are the ten metropolitan areas with the highest levels of multifamily permitting activity.



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Existing Home Sales Fell in March – Eye On Housing

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Existing home sales fell to a nine-month low in March as tight inventory, rising mortgage rates and growing concerns about the job market constrained sales activity. While inventory has improved in recent months, it remains below historical norms, continuing to push home prices higher as demand outpaces supply. Meanwhile, the Iran war has reversed the downward trend in mortgage rates, which jumped from 5.98% before the conflict to 6.37% last week. These headwinds will likely dampen home sales while tight inventory continues to drive home prices higher, further worsening housing affordability.

Total existing home sales, including single-family homes, townhomes, condominiums, and co-ops, fell 3.6% to a seasonally adjusted annual rate of 3.98 million in March, the lowest level since June 2025, according to the National Association of Realtors (NAR). On a year-over-year basis, sales were 1.0% lower than a year ago.

The existing home inventory level was 1.4 million units in March, up 3.0% from February and 2.3% from a year ago. At the current sales rate, March unsold inventory sits at a 4.1-months’ supply, up from 3.8-months in February and 4.0-months a year ago. Inventory between 4.5 to 6 months’ supply is generally considered a balanced market.

Homes stayed on the market for a median of 41 days in March, down from 47 days in the previous month and 36 days in March 2025.

The first-time buyer share was 32% in March, down from 34% in February and unchanged from a year ago.

The March all-cash sales share was 27% of transactions, down from 31% in February but up slightly from 26% a year ago. All-cash buyers are less affected by changes in interest rates.

The March median sales price of all existing homes was $408,800, up 1.4% from last year. This marks the 33rd consecutive month of year-over-year increases. The median condominium/co-op price in March was up 2.3% from a year ago at $371,500. Recent gains for home inventory will put downward pressure on resale home prices in most markets in 2026.

All four major regions saw sales declines in March, ranging from 1.3% in the West to 8.5% in the Northeast. On a year-over-year basis, sales rose in the West (+1.3%) and South (+2.2%), while sales in the Midwest and Northeast declined (-3.2% and 12.2% respectively).

The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts. The PHSI rose from 70.8 to 72.1 in February due to improved affordability. On a year-over-year basis, pending sales were 0.8% lower than a year ago, according to the National Association of Realtors’ data. However, resurgence in mortgage rates driven by the Iran war could reverse the increase.



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2025 Regional and State-Level GDP Data – Eye On Housing

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In 2025, the Bureau of Economic Analysis (BEA) reported that real gross domestic product (GDP) expanded nationally, with growth recorded across all states and the District of Columbia. The increase in GDP reflected broad-based economic momentum, supported by contributions from several major industries. At the state level, real GDP growth ranged from a 3.1 percent increase in Florida and South Carolina to a 0.3 percent increase in North Dakota.

Nationally, real GDP, measured at a seasonally adjusted annual rate, increased by 2.1 percent in 2025, led by gains in consumer spending and investment. However, growth in 2025 was much lower than in previous years.

Regionally, real GDP increased in all eight regions between 2024 and 2025. Growth was widespread, with regional gains ranging from a 1.4 percent increase in the Plains region to a 2.3 percent increase in the Far West, Southeast, and the Southwest regions, underscoring broad economic strength across the country.

State-level GDP growth in 2025 was broadly positive but uneven across the country, reflecting differences in industry composition and exposure to cyclical sectors. While most states expanded over the year, growth followed a volatile pattern, with widespread contractions early in the year followed by a strong midyear rebound and a softer finish. South Carolina and Florida led with 3.1 percent growth in real GDP, followed by New York (2.9 percent). Alaska and Utah tied for third place with 2.8 percent real GDP growth. Maryland, Maine, West Virginia, Wyoming, the District of Columbia, and North Dakota grew by less than 1 percent, ranging from 0.7 percent – 0.3 percent. Overall, variation in state performance was largely tied to the relative strength of key industries, including energy, manufacturing, and professional services.



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January 2026 – Eye On Housing

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The U.S. labor market began the year on firmer footing, with job growth rebounding in January after a subdued performance in 2025. Employment gains were widespread across most states, though underlying trends remain uneven, with pockets of weakness persisting in certain regions and sectors.

In January, nonfarm payroll employment increased in 45 states compared to December, while five states and the District of Columbia recorded declines. According to the Bureau of Labor Statistics, total U.S. nonfarm payroll employment rose by 160,000 in January, following a weaker performance in 2025. For all of 2025, monthly job growth averaged just 49,000, well below the 168,000 average monthly gain recorded in 2024.

On a month-over-month basis, employment gains were led by California (+93,500), followed by Texas (+40,100) and New York (+23,800). In contrast, a total of 9,700 jobs were lost across five states and the District of Columbia, with the District of Columbia posting the largest decline (-5,400). In percentage terms, California recorded the strongest increase (+0.5 percent), while the District of Columbia experienced the largest decrease (-0.7 percent) between December and January.

On a year-over-year basis ending in January, total nonfarm employment increased by 324,000 jobs nationwide, representing a 0.2 percent gain relative to January 2025. Job gains ranged from 100 in Hawaii to 131,200 in California. Twenty-three states and the District of Columbia collectively lost 263,900 jobs over the past 12 months, with Maryland experiencing the largest decline (-49,300). In percentage terms, job growth ranged from 0.1 percent in Illinois, Mississippi, and Louisiana to 1.9 percent in Nevada. Among states with losses, declines ranged from 0.1 percent in Delaware, South Dakota, and Nebraska to 1.7 percent in Maryland; the District of Columbia, however, recorded a substantially larger decline of 5.9 percent.

Construction Employment

Construction employment —which includes both residential and non-residential construction—showed positive results in January. Forty states added construction jobs compared to December, while nine states experienced declines; New Hampshire and the District of Columbia reported no change. Illinois posted the largest monthly gain, adding 13,500 jobs, while Idaho recorded the largest loss (-3,400). Overall, the construction sector added a net 45,000 jobs nationwide in January. In percentage terms, West Virginia recorded the strongest monthly increase (+5.9 percent), while Idaho experienced the steepest decline (-4.4 percent).

Year-over-year, construction employment increased by 53,000 jobs nationwide, a 0.6 percent gain compared to January 2025. Texas led all states with an increase of 30,100 construction jobs, while California recorded the largest loss (-15,400). In percentage terms, West Virginia posted the strongest annual growth in construction employment (+15.0 percent), while Oregon experienced the largest decline (-3.4 percent).

State Unemployment Rate

The state unemployment rate is a key economic indicator that reflects the health of local labor markets, measuring the percentage of the workforce actively seeking work but unable to find it. High unemployment signals a weakening state economy, while low unemployment suggests a tight labor market that may contribute to rising wage pressures.

Hawaii and South Dakota had the lowest unemployment rates at 2.2 percent, while the District of Columbia had the highest rate at 6.7 percent. This elevated rate reflects significant federal workforce reductions and layoffs, exceeding 300,000 positions, which disproportionately affected the District in 2025. Michigan, Washington, New Jersey, Oregon, Nevada, California, and Delaware all recorded unemployment rates at or above 5.0 percent.



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Inflation Surged to a Nearly Two-Year High in March – Eye On Housing

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Consumer prices surged to a nearly two-year high in March, driven by a spike in energy costs following the onset of the Iran war. This is the first CPI report to reflect the impact of the war, with inflation rising nearly a full percentage point from February. National gasoline average prices in March soared above $4 for the first time since August 2022, accounting for nearly three-quarters of the monthly gain in inflation and marking the largest monthly increase in the gasoline index since government began tracking in 1967. As the ceasefire remains tenuous, energy prices are expected to remain elevated for months, continuing to put upward pressure on inflation and complicating the Fed’s path toward its 2% target.

On a non-seasonally adjusted basis, the Consumer Price Index (CPI) rose by 3.3% in March from a year ago, following a 2.4% increase last month, according to the Bureau of Labor Statistics (BLS) latest report. This was the largest annual increase since May 2024. The “core” CPI, excluding the volatile food and energy components, increased by 2.6% over the past twelve months, following a 2.5% increase in February. The housing shelter index, which makes up a large portion of “core” CPI, rose 3.0% over the year, holding steady over the last two months. Meanwhile, the component index of food rose by 2.7%, and the energy component index increased by 12.5%, the largest annual increase since November 2022.

On a monthly basis, the CPI rose by 0.9% in March (seasonally adjusted), and the “core” CPI increased by 0.2%.

The price index for a broad set of energy sources rose by 10.9% in March, the largest monthly increase since September 2005, with increases in fuel oil (+30.7%), gasoline (+21.2%), and electricity (+0.8%), partially offset by a decline in natural gas (-0.9%). Fuel oil posted its largest monthly increase since February 2000. Meanwhile, the food at home index fell by 0.2%, while the food away from home index increased by 0.2% in March.

Outside of energy, the index for shelter was the largest contributor to the overall monthly increase in the all items index. Other top contributors that rose in March included indexes for airline fares (+2.7%), apparel (+1.0%), household furnishings and operations (+0.2%), education (+0.3%), and new vehicles (+0.1%). Meanwhile, the index for medical care (-0.2%), personal care (-0.5%) and used cars and trucks (-0.4%) were among the few major indexes that decreased over the month.

The index for shelter, which makes up more than 40% of the “core” CPI, rose by 0.3% in March. The index for owners’ equivalent rent (OER) rose by 0.3%, while the index for rent of primary residence (RPR) increased by 0.2% over the month.

NAHB constructs a “real” rent index to indicate whether inflation in rents is faster or slower than core inflation. It provides insight into the supply and demand conditions for rental housing. When inflation in rents is rising faster than core inflation, the real rent index rises and vice versa. The real rent index is calculated by dividing the price index for rent by the core CPI (to exclude the volatile food and energy components). In March, the Real Rent Index remained unchanged.



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Remodelers Saw Profit Margin Gains in 2024 – Eye On Housing

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Profitability for residential remodelers reached its highest level in more than two decades in 2024. Industry-wide profit benchmarks are important because they allow companies to evaluate their financial performance in context with the industry. Doing so can guide resource allocation, budgeting, and target setting for costs and expense lines, leading to a more successful business strategy. This post summarizes the results from NAHB’s most recent edition of the Remodelers’ Cost of Doing Business Study.

On average, residential remodelers reported $2.7 million in total revenue for fiscal year 2024. Of that, about $1.9 million (70.1%) was spent on cost of sales (i.e., labor, materials, contractors), which translates into an average gross profit margin of 29.9%. Operating expenses (i.e., indirect construction costs, finance, S&M, G&A, and owner’s compensation) cost remodelers an average of $646,000 (23.6% of revenue), leaving them with an average net profit margin of 6.3%. 

Remodelers’ 29.9% average gross profit margin in 2024 was a solid five percentage points higher than in 2021, when the metric sank to a record low of 24.9%. The improvement was due in large part to a significant reduction in trade contractor costs, which dropped from 36% of revenue in 2021 to 30% in 2024. The average gross margin in 2024 (29.9%) marked a return to gross profitability levels at par with 2018 (30.1%).

Successfully reducing their costs of sales improved remodelers’ bottom line. In 2024, their average net profit margin (6.3%) was higher than in 2021 (4.7%) and 2018 (5.2%). It was also the highest net margin reported by remodelers since 1996 (6.8%).

The Cost of Doing Business Study also tracks residential remodelers’ balance sheets. On average, they reported $668,000 in total assets on their 2024 balance sheets. Of that, $331,000 (50%) was financed by liabilities (either short- or long-term) and the other $337,000 (50%) by equity builders held in their companies.

Historical data show remodelers’ balance sheets expanded significantly in 2024, with average total assets ($668,000) up 34% compared to 2021 ($497,000). But perhaps more important than fluctuations in the nominal size of their balance sheets, the data clearly point to remodelers deleveraging their businesses in the last decade. In 2015, 68% of remodelers’ assets were financed through debt. By 2021, that share was down to 49%, where it remained essentially unchanged in 2024 (50%). Logically, the latter means remodelers are using more of their own capital to run their companies, as illustrated by their equity share rising from 33% in 2015 to 50% in 2024.

More specific data about remodelers’ various cost of sales lines (e.g., the share of revenue spent on materials), operating expenses (e.g., how much owners were paid as compensation), or types of assets (e.g., cash) are available in the official publication of the 2026 Remodelers’ Cost of Doing Business Study.



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