Rising income levels could yield additional home improvement projects in 2013
Posted on Friday, January 4, 2013 at 1:58:49 PM
Nationwide personal income levels continued to increase in October, as a greater number of households found their financial footing. This could result in additional spending in the near future on major investments, such as home improvement projects.
During the month of October, personal income levels edged 0.1 percent higher, according to data from the Department of Labor. Although this may seem like a marginal change, it equaled an estimated $400 million, which could provide the needed funds to complete property repairs and updates in 2013.
"After a bit a research I found an interesting article published by the Dayton Daily News regarding a consumer survey of the Midwest market that showed more residents planning home improvement projects for 2013 along with increased spending on vacations and holiday budgets," said home improvement lending expert Brian Harvey. "The survey results state that 52 percent of homeowners plan 2013 home improvement projects with the majority paid for in cash - up from 37 percent who completed home improvement projects in 2012. Though the survey does not indicate what percent of the market share that will be paying cash versus those seeking financing for their home improvements the anticipated 15 percent increase in home improvement projects on a whole is a promising indication of consumer confidence both in the economy and the individual financial footing of homeowners. This upswing in consumer confidence and spending will naturally affect all facets of the home improvement industry including lending."
Home improvement professionals should taking the coming months to start preparing for a busy spring and summer season.