The residential remodeling, repair, and renovation industry, which has seen nothing but growth for the last two years, will most likely see more of the same for the rest of this year.
That, according to statistics compiled by the Joint Center for Housing Studies at Harvard University, is the expectation as the industry in 2018 nears the $340 billion mark, up significantly from the $267 billion it charted in 2015.
Using what is known as the Leading Indicator of Remodeling Activity statistics, the Harvard Center study additionally predicts an overall increase in the remodeling market of 7.5 percent this year over 2017.
The Center has previously suggested that two demographic trends are fueling today’s remodeling industry: Baby Boomers who are investing to make their homes feel comfortable and safe – a segment of the market that is expected to grow by nearly 33 percent by 2025.
In addition, members of Generation X – those born generally between 1961 and 1985, even though suffering from equity losses during the Great Recession – are undertaking discretionary projects that have previously been deferred because of the economic downturn.
Industry experts say extensions of kitchen spaces, new home office configurations, and a greater use of wireless technology are among the most in-demand remodeling projects.
By Garry Boulard
