Expenditures for residential remodeling will rise 5.6% to $166.6 billion next year after a significant slowdown in 2001, according to the July Cahners Building & Construction Market Forecast. Spending this year is expected to increase only 3.1% after a 7.1% jump to $153 billion in 2000.
The report also projects that additions and alterations will increase 7% in 2002, reaching $87.8 billion, after growing 5.2% this year. Major replace-ments should rise 4.6% to $36.8 billion in 2002, compared with an increase of 7.4% in 2001. Maintenance and repair is expected to hit $42 billion next year, a rise of 3.5%, after a 3.9% decrease this year.