The extended easing of gains in residential improvement spending is expected to change course by early next year, according to the Leading Indicator of Remodeling Activity (LIRA) released today by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. The LIRA projects that annual spending growth for home improvements will accelerate to 4.0 percent by the first quarter of 2016.
“A major driver of the anticipated growth in remodeling spending is the recent pick up in home sales activity,” says Chris Herbert, managing director of the Joint Center. “Recent homebuyers typically spend about a third more on home improvements than non-movers, even after controlling for any age or income differences, so increasing sales this year should translate to stronger improvement spending gains next year.”
“Other signals of strengthening remodeling activity include sustained growth in retail sales of home improvement products and ongoing gains in house prices across much of the country,” says Abbe Will, a research analyst in the Remodeling Futures Program at the Joint Center. “Rising home prices means rising home equity, which should encourage improvement spending by a growing number of owners.”
The Leading Indicator of Remodeling Activity (LIRA) is designed to estimate national homeowner spending on improvements for the current quarter and subsequent three quarters. The indicator, measured as an annual rate-of-change of its components, provides a short-term outlook of homeowner remodeling activity and is intended to help identify future turning points in the business cycle of the home improvement industry.
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Treasure Garden will be among the exhibitors at the Las Vegas World Market Center (WMC) when the summer market opens on August 2. As the WMC has placed greater emphasis on the casual furnishings category with the opening of two permanent floors for outdoor product companies, Treasure Garden has secured a 5,600 sq. ft. showroom – C-1215.
A ribbon cutting is planned for the showroom on the opening day that is open to all attendees. The showroom in the WMC will join Treasure Garden’s other permanent showroom locations including Chicago’s Merchandise Mart #1655, and 2600 Showplace in High Point, North Carolina.
"We are looking forward to being a part of this international furniture venue and the added exposure its focus on casual furnishings and accessories will provide,” said Jeff B. Dorough, vice president Sales and Marketing. “This market offers our company the opportunity to reach the growing designer and traditional furniture retailer marketplace that is working to introduce clients to the popular outdoor room concept.”
Within the updated showrooms and the 2016 catalog, Treasure Garden will focus on its proven “Good/Better/Best” program of trendsetting product and fabric selections and unmatched customer support. “Treasure Garden is committed to educating our customers including our new traditional furniture retailers and designers on the benefits and differences in quality shade and accessories,” said Dorough.
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