Remodeling Spending to Increase

Key factors include a healthier housing market, rising prices

August 31, 2016

Source: Joint Center for Housing Studies

Growth in home improvement and repair spending is projected to reach 8 percent by the start of 2017—well above its long-term trend—according to the Leading Indicator of Remodeling Activity (LIRA) report released in July by the Joint Center for Housing Studies of Harvard University.

“A healthier housing market, with rising house prices and increased sales activity, should translate into bigger gains for remodeling this year and next,” said managing director Chris Herbert in a press release. “As more homeowners are enticed to list their properties, we can expect increased remodeling and repair in preparation for sales, coupled with spending by the new owners who are looking to customize their homes to fit their needs.”

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