Make Plans now for your 2016 remodeling–and save $

National spending on home remodeling projects will hit a new high in 2016, another sign of a strong housing market, according to a new analysis from Harvard researchers.

remodeling costsThe projected spending this year, $155 billion, is expected to surpass the last spending peak of $150 billion a decade ago.

Home improvement spending will grow 4.3 percent in the first quarter of 2016, but at an even faster pace, 7.6 percent, by the third quarter of the year, according to the analysis.

“2016 is looking to be a stronger year for home renovation activity compared to 2015, thanks to the continued recovery in the owner-occupied housing market,” Chris Herbert, managing director of the Joint Center for Housing Studies of Harvard University, said in a news release.

“Rising house prices are bringing more homes to the market and increasing sales, which is a large driver of home improvement activity,” Herbert said.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s