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Home Remodeling Spending to Stay Strong

Home remodeling spending is expected to stay strong in 2018, up 7.5 percent from last year, according to the latest Leading Indicator of Remodeling Activity (LIRA) released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.

“Steady gains in the broader economy, and in home sales and prices, are supporting growing demand for home improvements,” said Chris Herbert, managing director of the Joint Center for Housing Studies, in a statement. “We expect the remodeling market will also get a boost this year from ongoing restoration efforts in many areas of the country impacted by last year’s record-setting natural disasters.”

“Despite continuing challenges of low for-sale housing inventories and contractor labor availability, 2018 could post the strongest gains for home remodeling in more than a decade,” said Abbe will, research associate in the Remodeling Futures Program at the Joint Center for Housing Studies, in the statement. “Annual growth rates have not exceeded 6.8 percent since early 2007, before the Great Recession hit.”

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