Healthy Gains in the Remodeling Sector Predicted
Thursday, February 22, 2007
From the Building Online website: "Spending on home improvements by homeowners is expected to increase at a 3.7 percent inflation-adjusted compound annual rate over the next decade according to a new report released by the Remodeling Futures Program of the Joint Center for Housing Studies. After strong growth earlier this decade where low financing costs and strong returns to house values encouraged upper-end remodeling projects, spending reached $280 billion in 2005. Recently, the remodeling industry has softened.
'The 2006 slowdown in the broader housing sector was reflected in the remodeling industry, with many homeowners putting their improvement activity on hold until the market stabilizes,' explains Nicolas P. Retsinas, director of the Joint Center. Retsinas adds, 'when the industry emerges from its current slowdown, investments in older homes that missed the last round of home improvements, the desire for energy efficiency retrofits, and growing pressure to upgrade the rental stock will ensure a healthy recovery.'"
Read more on the Building Online article, titled, "Healthy Gains in the Remodeling Sector Predicted for the Coming Decade"
'The 2006 slowdown in the broader housing sector was reflected in the remodeling industry, with many homeowners putting their improvement activity on hold until the market stabilizes,' explains Nicolas P. Retsinas, director of the Joint Center. Retsinas adds, 'when the industry emerges from its current slowdown, investments in older homes that missed the last round of home improvements, the desire for energy efficiency retrofits, and growing pressure to upgrade the rental stock will ensure a healthy recovery.'"
Read more on the Building Online article, titled, "Healthy Gains in the Remodeling Sector Predicted for the Coming Decade"
Labels: Construction Industry, Construction News
