Double-Digit Growth in Remodeling Spending Expected Through Mid-Year
Monday, January 27, 2014, CAMBRIDGE, MASSACHUSETTS
"The ongoing growth that we've seen in home prices, housing starts, and existing home sales is also being reflected in home improvement activity," says Eric S. Belsky, managing director of the Joint Center. "As owners gain more confidence in the housing market, they are likely to undertake home improvements that they have deferred."
"However, the strong growth for this cycle may start to ebb a bit beginning around midyear," says Kermit Baker, director of the Remodeling Futures Program at the Joint Center. "By that time, we'll be approaching the pre-recessionary levels of spending, and with borrowing costs starting to creep back up, growth rates are likely to slow some."
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