US home remodeling up 9.7% by 1Q 2017

Global SourcesUpdated on 2023/12/01

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Global Sources Exhibitions

Annual spending for remodeling and repairs is projected to reach $325 billion as homeowners do more large-scale projects.

Home remodeling in the US grew in the first quarter of 2016 and is predicted to remain strong
until the same period next year. Source: JCHS

Harvard University’s Joint Center for Housing Studies released its latest Leading Indicator of Remodeling Activity Study that anticipates an 8.6 percent rise in US home remodeling spending by the end of this year.

The LIRA report further stated that home remodeling growth, by the first quarter of 2017, will reach 9.7 percent. The predicated annual spending for remodeling and repairs for the said period was estimated to be worth $325 billion. Gains in home prices and sales are enticing homeowners to undergo larger-scale improvement projects.

In addition, the Home Improvement Research Institute found out that the need for repairs tops the list of motivators for project planning at 25.1 percent. Routine maintenance and the desire to upgrade or redecorate followed closely at 23.4 and 22.9 percent, respectively.

With these data, one can also expect good demand for hardware products for home repair and redecoration.

See a comparison table of selected home repair kit suppliers on GlobalSources.com

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US home remodeling up 9.7% by 1Q 2017

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