A New Decade of Growth

Harvard University’s Joint Center for Housing Studies characterizes the U.S. home improvement industry as “poised for growth.” The report, A New Decade of Growth for Remodeling, is available for free download along with other Reports, Working Papers, Research Notes, and research publications at www.jchs.harvard.edu.

The Report starts by saying that “Slowly but surely, the US home improvement industry is emerging from its worst downturn since the government began tracking spending in the early 1960s. Homeowners who deferred maintenance and improvements during the recession may soon start to spend more freely. Lower household mobility in the wake of the housing market crash could also mean that homeowners will focus on upgrades with longer paybacks, particularly energy-efficient retrofits. The industry is also beginning to benefit from spending on the rehabilitation of foreclosed properties. Over the coming years, real spending on homeowner improvements is expected to grow at a 3.5 percent average annual pace, ensuring that the industry captures a large share of the residential investment market…”