Spending on home remodeling is expected to surge from 2.4% to 6.8% in 2Q of 2016 according to Harvard's Joint Center for Housing Studies. This demonstrates how home remodeling is clearly benefitting from the upswing in the housing market and construction.
Diana Olick reports on the multiple reasons that people are putting more money into their homes right now including a fear that interest rates may soon rise. No matter what the reason, remodelers are reaping the benefits:
"More than two-thirds of home renovation firms reported 2015 year-to-date revenues and profits to be at or above pre-recession levels, with one in five firms or more reporting revenues and profits to be significantly higher, according to a recent report from Houzz, a remodeling website."
Head over to CNBC to learn why now is the time for people to remodel their homes: