Why remodeling is seeing significant growth

Posted by Steve Kleber on Feb 15, 2011

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When Harvard issues a report, people listen. Last month, Harvard’s Joint Center for Housing Studies issued a study entitled “A New Decade of Growth for Remodeling.” The paper claims that “slowly but surely, the US home improvement industry is emerging from its worst downturn since the government began tracking spending in the early 1960s. Homeowners who deferred maintenance and improvements during the recession may soon start to spend more freely.” The study indicates that “spending on smaller projects–often to replace older features or upgrade basic systems–is expected to increase in share.”

Do industry insiders agree with Harvard’s somewhat positive outlook for the remodeling industry? K&A’s research shows that many do.

BizziBid.com, a national home improvement and remodeling website, is reporting a significant uptick in activity for January and early February. The number of homeowners requesting licensed remodeling contractors and free home improvement estimates this month far exceeds the number seeking home improvements and remodeling information through the site a year ago, the company said.

The Wall Street Journal claims, in an article entitled “No McMansions for Millennials”, that 20- and 30-somethings want the following things in home: larger shower stalls instead of tubs, open living rooms instead of formal dining rooms, and casual outdoor spaces. How will they achieve this type of space? Well, they can either buy a newer home with these elements or they can remodel an existing home, perhaps one they already inhabit and are having a difficult time selling. People of all ages – not just first-time homebuyers – are now looking for spaces that accommodate their active lifestyles; they’re looking for quality over quantity… without attempting to impress the Joneses with monuments.

This entry was posted by Steve Kleber on Tuesday, February 15th, 2011 at 2:29 pm and is filed under Home Building & Design, Housing Market. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.