Growth forecasted for home improvement industry
Posted on Thursday, October 2, 2014 at 10:00:44 AM
The recent recession and housing bubble took their toll on several key industries, including home improvement. However, conditions have continued to get better, and now it appears that more gains are in the future.
According to GuildQuality's second-quarter member survey, optimism among remodelers is on the rise. On a year-over-year basis, there was a 7 percent increase in the number of respondents who considered the market outlook favorable. Coincidentally, confidence in the market is up 7 percent from the second quarter of 2013 to the second quarter of 2014.
As an added bonus, 45 percent of the survey participants - homebuilders, remodelers and contractors - believe that the next six months will be accompanied by market improvements, while 51 percent feel that no significant changes will take place over that time span.
Coupled with affordable home improvement financing, there are plenty of options out there to upgrade residential property. Many industry members feel that gains are in the future, and a separate report from Freedonia supported that belief.
The Freedonia Group forecasted a 2.4 percent annual increase in nationwide decking demand between now and 2018, ProSales reported. Between 2008 and 2013, demand dropped 0.9 percent, so this turnaround could be a sign of a stronger home improvement market.