This year has been a good one for the remodeling and home improvement industries so far. With the current pace of improvement spending at its highest in over five years and residential construction improving in May by more than 18% compared with the year-earlier period, what's not to be excited about?
And that's only the start of it. According to data from Hanley Wood's own Metrostudy unit, the remodeling industry is set to have its best year since 2005, as the Residential Remodeling Index shows 192 markets surpassing former peaks and another 364 markets expected to experience growth. The most recent Leading Indicator of Remodeling Activity (LIRA) data from the Joint Center for Housing Studies at Harvard University continues the optimistic trend, as it predicts spending on remodeling projects will rise through the end of next year.
So what does that all mean? It means homeowners are starting to spend more on improving their home. It can be for a number of reasons from planning for the future to upgrading a newly purchased home.
This means it might be a good time to brush up on this year's REMODELING Cost Vs. Value Report to find out just what projects are worth it for homeowners and how you can help them make the most of their home.