Homeowner spending on improvements and repairs to top $340 billion.
It looks like another great year could be on the horizon. According to the Leading Indicator of Remodeling Activity (LIRA) a program under the Joint Center for Housing Studies of Harvard University, remodeling is set to explode in 2018. What exactly does “explode” mean? It looks like we are on track for $340 billion in spending this year, about a 7.5% increase from last year.
“2018 could post the strongest gains for home remodeling in more than a decade.”
— Abbe Will, Harvard JCHS
A few factors responsible for these gains:
- Steady gains in the overall economy
- Steady gains in home sales and pricing
- Restoration to areas affected by 2017 natural disasters
The last point, restoration to areas affected by 2017 natural disasters is one we are very familiar with. Hurricanes left hundreds of thousands of properties damaged in 2017. It also drove material pricing through the roof. So much so that Clear Estimates had to do a mid-quarter pricing update in Q4 of last year to accommodate. We saw increases of 20%, even higher. We assume much of 2018 will be spent fixing these properties. In a few weeks time, we hope to have some additional templates added for mold and disaster remediation. We hope helps, in a very small sense, to get these homes back to livable conditions.
Keep up the great work in 2018! We plan to add in new remodeling parts and templates in the coming weeks, so be on the lookout! As always if you have any questions, just let us know! Support here is always free and we are happy to help.
Also, please let us know if you would like to see articles or blogs written on a particular remodeling subject! We want to be your source of industry news and topics!