Qualified Remodeler Magazine

AUG 2018

Qualified Remodeler helps independent remodeling firms to survive, become more professional and more profitable by providing must-have business information, namely best business practices, new product information and timely design ideas.

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n today's hyper-competitive market for workers, compensation packages— especially benefits—are on the rise. A number of remodelers now offer fringe benefits such as the full-time use of company trucks or expensive mobile devices like an iPhone. More significantly, the biggest and fastest-grow- ing remodelers now offer an expanding list of standard benefits to go along with higher pay. is stands to reason. According to data from the 40th annual QR Top 500 list, hiring and retaining employees and trades remains the No. 1 business challenge for more than 60 per- cent of the firms listed. Performance bonuses and paid vacations remain the most common benefits with 427 and 458 companies on the Top 500, respectively, offering them at the end of 2017. Next comes medical insurance (378), 401(k) plans (334) and dental insurance (291). Perhaps the most significant sign of increasing benefits is the 155 firms who say they now offer some form of profit sharing. Employee Benefits Rise Among Top 500 Firms HOUSING ECONOMICS NEWS Robust outlook for residential remodeling through mid-year 2019 CAMBRIDGE, Mass.— Homeowners are expected to increase spending on improve- ments and repairs at a solid clip over the coming year, accord- ing to the Leading Indicator of Remodeling Activity (LIRA) released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. The LIRA projects that annual growth in homeowner remodeling ex- penditures will taper somewhat in the first half of 2019, but still remain around 7 percent. "A growing economy and stronger job market are boost- ing owners' willingness to invest in home improvements," says Chris Herbert, managing director of the Joint Center for Housing Studies. "Rising home values and increased home equity levels are also encour- aging more owners to do larger upgrade and replacement projects." "Although the projected growth for remodeling activity remains strong, the low invento- ry of existing homes for sale is holding back even larger gains, since significant remodeling and repair often occurs around the time of a sale," says Abbe Will, associate project director in the Remodeling Futures Program at the Joint Center. "Even so, annual spending on residential improve- ments and repairs by homeown- ers is expected to reach nearly $350 billion by the middle of next year." The LIRA, measured as an an- nual rate-of-change of its com- ponents, is designed to project the annual rate of change in spending for the current quarter and subsequent four quarters, and is intended to help identify continued I MEDICAL INSURANCE 401(K) RETIREMENT PLAN DENTAL INSURANCE PROFIT SHARING PAID VACATION PERFORMANCE BONUSES PAID MATERNITY LEAVE Source: Qualified Remodeler, 2018 Yes 378 Yes 155 Yes 427 Yes 215 Yes 458 Yes 291 Yes 334 No 122 No 345 No 73 No 285 No 42 No 209 No 166 8 August 2018 QR QualifiedRemodeler.com IN BRIEF

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