Residence Remodeling Has Record Quarter

Residential remodeling, according to U.S. Commerce Department estimates, rose to a record high $124.7-billion in the second quarter of 1992. That’s up substantially from the $98.8-billion in the second quarter of 1991 and the $108.5-billion in the second quarter of 1990.

The National Assn. of the Remodeling Industry, however, views the Commerce Department estimates as a fluke. NARI consulting economist Robert Sheehan said, “The first-quarter estimates were too low and the second-quarter numbers were too high.”