According to the latest U.S. Census Construction Spending data, private residential construction spending increased by 1.5% in December 2024. This was the third consecutive monthly increase since September 2024. On a year-over-year basis, the December report showed a 6% increase. According to Eye On Housing, The monthly increase in total private construction spending was primarily driven by higher spending on single-family construction and residential improvements. Single-family construction spending was up 1% for the month. This marks a continuation of growth after a five-month decline from April to August, aligning with steady…
Read MoreMonth: February 2025
President Trump Delays Implementation of Tariffs on Goods From Canada and Mexico
Following President Trump’s announcement delaying the proposed tariffs on products from Canada and Mexico, National Association of Home Builders (NAHB) 2024 Chairman of the Board and a custom homebuilder from Wichita, Kansas Carl Harris, issued a statement as follows: “We commend President Trump for reaching an agreement with Canada and Mexico to delay the proposed tariffs, avoiding additional strain on a housing market already facing affordability challenges. Stability and certainty are essential for American businesses, consumers, and the strength of our economy. We urge all parties to remain committed to…
Read MoreThe Top Home Remodeling Projects of 2024, According to a New Survey
2024 was the year of routine maintenance, not major undertakings, according to Angi’s 2024 State of Home Spending Report. The report found that 47% of the nearly 7,000 responding homeowners spent their home budget on around-the-house maintenance, with millennial homeowners committing the most funds to upkeep than other generations. “This reflects a practical approach to ensuring the longevity of their homes amid rising costs,” the Angi report reads. According to Apartment Therapy, Outside of routine maintenance, last year’s most popular home projects were interior painting, installing new appliances, and bathroom…
Read MoreAmericans Spend More on Home Improvement as Housing Market Rebounds
Americans are beginning to spend more on backyard decks, spa-like bathrooms and other vanity improvements. Home remodeling and repair spending is anticipated to reach $325 billion this year, according to the Harvard Joint Center for Housing Studies. This level of spending hasn’t been seen since 2007. Marketing services company Hanley Wood offered a similar remodeling market outlook, projecting that the industry is to make a full recovery this summer following 12-straight quarters of growth. “The forecast looks very bright for the remodeling market,” said Tobias Morrison, national sales manager for…
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