Remodeling Poised for Growth in 2011

by bkrigbaum@solagroup.com








Next year may be the year the remodeling industry turns around according
to the Leading Indicator of
Remodeling Activity. LIRA is data released by the Remodeling Futures
Program at the Joint
Center for Housing Studies at Harvard
.

Logic behind this prediction is that the housing slump affected
homeowner spending in a way that it hasn’t before. Therefore the Joint
Center for Housing Studies predicts that since the economy is
recovering, homeowners will have increased confidence which will help
the housing market in 2011. It should be noted that homeowner spending
is down below 2007 figures.

“Remodeling contactors are feeling much more positive about
the outlook for home improvement projects,” Kermit Baker,
director of the Remodeling Futures Program at the Joint Center for
Housing Studies said in the release. “Low financing costs and
a wave of previously foreclosed homes coming back on the market and in
need of renovation are expected to generate healthy growth over the
next several quarters.”

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