Home improvement revenue expected to increase throughout 2013
Posted on Thursday, August 22, 2013 at 11:41:41 AM
A number of the country's largest remodelers are expecting the remainder of 2013 to be full of activity, with increasing revenue and strong sales predicted to continue.
More homeowners are using home improvement financing to afford renovations, and the industry leaders surveyed in Remodeling magazine's Remodeling 550 Group are forecasting a 19.9 percent increase in revenue when compared to last year.
"These leading remodelers have been on a roller-coaster ride since the housing market crashed in 2007," editor-in-chief Craig Webb explained. "When the economy began to sputter, these pros began pursuing lower-priced jobs in 2008 and 2009 to keep their businesses afloat."
Webb added that while the economy has been fluctuating over the past several years, the improving numbers in 2012 and 2013 have made remodelers more confident as the year progresses.
In addition, home improvement contractors expect a 14.5 percent uptick in revenue for 2013, Remodeling magazine noted.
Using home improvement financing is a great way to upgrade a property, and more people are focusing on several trends. Functionality is important, according to Angie's List. Homes have to be accessible as well as attractive.
Energy-efficient upgrades are also gaining popularity, and the more environmentally "green" a home is, the more re-sale value it might have.