Experts predict accelerated growth in remodeling industry
Posted on Thursday, August 23, 2012 at 4:10:28 PM
Professionals in the remodeling industry may wish to prepare for job growth in the near future. According to Harvard University’s Joint Center for Housing Studies report titled, "Leading Indicator of Remodeling Activity (LIRA)," home remodeling spending is expected to pick up for the remainder of 2012. Experts predict spending to reach $128.9 billion in the first quarter of 2012 - up 12.7 percent from the previous fiscal quarter.
"Increased spending on home remodeling by consumers will impact both the average size of home improvement loans and the number of loans applied for. As consumer confidence in the economy and the housing market grows homeowners will be looking to take on larger and high[er] end projects helping to drive up the cost of home improvements and the loan amounts of those financing their improvements," said Daniel A. Murphy from Home Loan Investment Bank. "This will also spark others who may have been putting off their repairs and improvements to now consider taking on those projects and to use home improvement financing as a tool to facilitate the completion of their plans."
As the economy continues to improve, more homeowners will invest in their property by focusing on strategic remodeling projects.