Business is booming


Make text smaller Make text larger



Photos





If you're thinking of remodeling your home, you've got plenty of company. The housing and remodeling industries are booming, according to a pair of reports out in mid-2017.

Home improvement and repair spending was healthy and stable growth was expected through the first half of 2018, according to the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.

According to the Center's Leading Indicator of Remodeling Activity (LIRA), annual increases in remodeling expenditures were expected to remain at or above 6 percent through the second quarter of 2018.

“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,” said Chris Herbert, managing director of the Joint Center for Housing Studies. “Yet, weak gains in home sales activity due to tight inventories in many parts of the country is constraining opportunities for more robust remodeling growth given that significant investments often occur around the time of a sale.”

LIRA did project that annual increases in remodeling expenditures will soften somewhat moving forward, according to a news release.

In a separate study, the Center declared the national housing market fully recovered from the depths of the housing crisis. “A decade after the onset of the Great Recession, the national housing market has, by many measures, returned to normal: housing demand, home prices, and construction volumes are all on the rise, and the number of distressed homeowners has fallen sharply,” the Center said in a news release announcing its “State of the Nation's Housing 2017” report. “However, high demand and tight supply are pushing up housing costs and adding to concerns about affordability.”

National home prices finally passed the pre-recession peak in 2016, according to the report, and prices were up in 97 of the nation's 100 largest metropolitan areas in 2016.

The report also had an optimistic outlook on the coming decade, projecting that housing demand will soar as both millennials and baby boomers age.



Make text smaller Make text larger

Comments

Pool Rules



MUST READ NEWS

College Admissions Expert Elizabeth Levine: What is the 1 question you should ask when deciding on your college list?
How many reach, target and safety schools should I have on my list and what are my chances of getting into each? Watch this weeks Tuesday Talks with Liz and gain an understanding...
Read more »
Image

Finance Expert Doug Messina: Enough money to last
The answer to this question will depend on your retirement dreams and current financial situation. The variables that come into play include the amount of money you'll need to pay...
Read more »
Image

Finance Expert Doug Messina:Will You Spend Your Retirement Savings or Leave It Behind? The Answer May Surprise You
A key financial question for retirees is what to do with their hard-earned retirement savings. For example, some investors may find it more fulfilling to provide a college fund...
Read more »
Image

College Admissions Expert Elizabeth Levine: Get a Jump on Your College Applications
Make the most of your summer and do the work now to complete your college applications. You'll be thankful you did so. Watch this week’s Tuesday Talks With Liz and find...
Read more »
Image

VIDEOS



Subscribe to our mailing list

* indicates required
Community Newspapers


Warwick, NY