Harvard: Remodeling industry poised to grow
Spending on home improvement is projected to increase at an inflation-adjusted 3.5 percent average annual rate over the next few years, according to a new study from the Joint Center for Housing Studies at Harvard University.
While the projected increase on home remodeling expenditures is below the pace that was recorded during the housing boom, it represents a sharp recovery from the recent downturn, the center's report said.
One of the center's initiatives is the Remodeling Futures Program. This is the sixth remodeling report issued by the program.
The center's press release included a statement from Kermit Baker, director of the center's Remodeling Futures Program.
"Lower household mobility following the housing market crash means that in the coming years homeowners will increasingly focus on improvements with longer paybacks, particularly energy-efficient retrofits,” Baker said. “Also, a slowing of migration to traditionally fast-growing Sunbelt metro areas means that, at least temporarily, more remodeling spending will remain in older, slower-growing areas in the Rustbelt and in California.”