President's Remarks June/July 2023

I would like to extend my heartfelt congratulations and appreciation to Ross Gravrok, our 1st retiree and legendary Lead Carpenter, who is transitioning into semi-retirement after 33 years at New Spaces. Our team is growing to meet the increasing demand for our services. Welcome Lead Carpenters Dale Stiles, Scott Swanson, Tim Maxfield, and Jeff Tharaldson and Carpenter Blake Baumann. We are also excited to train our long-time Production Manager Ed’s daughter, Carly Finneseth, to become our 1st female part-time carpenter helper. Additionally, Courtney Johnson brings her talent to the Lead Designer position. Looking ahead, the Remodeling Market Index, which is at 70, indicates expansion. The remodeling market is projected to grow by 5%-7% annually from 2024 to 2026, with building product inflation cooling off and supply chain issues improving. In the MSP metro area, low inventory levels in the general housing industry have strengthened in-place remodeling opportunities, therefore driving spending as households choose to remodel rather than move.

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We are grateful for the support of our clients and the dedication and loyalty of our trade partners, and we are actively working on enhancing our processes and procedures based on their valuable feedback and shared experiences.In addition to all of the great events New Spaces has had the opportunity to be a part of this Spring, we are honored to sponsor the Bloomington SummerFete, celebrating friends, neighbors and family and remembering the freedoms we hold dear. Finally, with work from home continuing to be a reality for many, having a home office that is functional and inspirational has never been more important. If you are thinking of improving your space, please don’t hesitate to reach out to us. We would love to help you along your journey.

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-New Spaces President Shawn Nelson