A housing expert said he projects the remodeling industry revenue will hit an all-time high of $324 billion by the end of the year.
This was announced by Senior Fellow at the Joint Center for Housing Studies of Harvard University Dr. Kermit Baker during a speaker series hosted by the NAR.
“Dr. Baker noted that baby boomers (born 1945-1964) are still the primary drivers of home improvement spending, accounting for about half of total home improvement spending,” the NAR reports. “However, Gen-Xers (born 1965-1984) are gaining share, with their share up from 5 percent in 1995 to 30 percent in 2013 (Chart 2). Recent buyers, who moved into the home within the past three years, spend 25 percent more on the average than non-recent buyers.”