Finally! Activity in the remodeling market is projected to rise this year and next. According to The Leading Indicator of Remodeling Activity (LIRA), the remodeling market has taken a positive turn for the first time in years! For everyone in the home improvement arena, we can finally breathe a small sigh of relief.
According to the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, “Remodeling spending is expected to increase on an annual basis by the end of the year, and the LIRA points to growth accelerating to the double-digit range in the first quarter of 2011.”
This means that not only is there going to be growth, but it’s projected to be substantial! Kermit Baker, the director of the Remodeling Futures Program, says “The recovery in home improvement activity appears to be moving beyond simple replacement projects and energy retrofits to broader remodels and upgrades.”
Are homeowners remaining in their homes until the housing market recovers and they can realize a profit in the sale of their home? Are they staying put but choosing to invest in upgrades to improve the quality of life in their existing homes? Whatever the reason, it’s good news – and, we all could use a little good news.
Does this mean it’s time to break out the champagne?