Remodeling activity edging higher in 2018
As if 2017 wasn’t positive enough, it appears positive news will take us onward to 2018. Harvard’s study on the topic, The Leading Indicator of Remodeling Activity (LIRA), provides short term forecasts for the home improvement and remodeling industry. LIRA is projecting growth into 2018. The LIRA report, released by the Joint Center for Housing Studies of Harvard, notes that annual increases in remodeling spending are to hover at or improve over 6 percent through Q2 2018.
Chris Herbert, managing director at JCHS notes, “The remodeling market continues to benefit from a stronger housing market and, in particular, solid gains in house prices, which are encouraging owners to make larger investments in their homes.” Abbe Will of the Remodeling Futures Program says, “Over the coming 12 months, national spending on improvements and repairs to the owner-occupied housing stock is projected to reach fully $324 billion.”
This leads us to believe that aging in place, as well as millennial spending on improvements, is only becoming more popular. This continued good news should keep contractors and remodelers on the job site for months to come. This good news means there will be more jobs to bid, and more work to be had. Can’t complain about that. Build on!
For more information on this topic, check out the original article here.