According to the most recent Producer Price Index (PPI) report published by the U.S. Bureau of Labor Statistics, inputs to residential construction, goods less food and energy, increased for the fifth straight month. This index, for inputs to residential construction, goods less food and energy, represents building materials used in residential construction Following a 0.54% increase in February and a 1.25% in January, the non-seasonally adjusted index increased 0.21% in March. The index continues to grow at a faster rate than 2023 as the average monthly change in 2023 was 0.15%…
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2024 U.S. Houzz & Home Study: Renovation Trends
Houzz released its 2024 U.S. Houzz & Home Study report. The findings are supported by a total of 32,615 users, including 17,713 renovating U.S. homeowners on Houzz about their home renovations in 2023 and plans for 2024. This study is the largest survey of residential remodeling, building and decorating professionals published. Covering a wide range of renovation projects, the survey included everything from interior remodels and additions to home systems, exterior upgrades and outdoor projects. The gathered data is made up of historical and planned spends, professional involvement, motivations and…
Read MoreHistoric Boom on the Way for Home Remodeling
Though it may seem homeowners are beginning to pull back on the remodel side of the market, better days are ahead. “Remodeling is slowing, but there’s a historic boom coming,” Eric Finnigan, VP of research & demographics at John Burns Real Estate Consulting, told Yahoo Finance in an interview. There are three factors likely to help this sector in the coming years according to Finnigan. With aging homes on the rise, it’s expected that the remodeling market will have 24 million homes in need of repairs such as upgrades to…
Read MoreThe Home Remodeling Market Trends and Dynamics to Reach $1,317.50 Billion by 2030
The home remodeling market size was valued at $852.10 billion in 2020, and is estimated to reach $1,317.50 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030, according to a new report published by Allied Market Research. According to EIN Newswires, Home remodeling projects are commonly categorized into two types: DIY (Do It Yourself) and Contractor-led. Among these, the professional segment, led by skilled labor, dominated the market in 2020. The market analysis encompasses various applications of home remodeling, including windows & doors, kitchen & bathroom, floor…
Read MoreRemodelers Reveal the Most Popular Type of Home Remodeling Projects
The National Association of Home Builders (NAHB) Remodelers released survey results on the most popular remodeling jobs by its members revealing that bathroom and kitchen remodels remain the most popular projects. “Whatever type of home improvement project consumers are looking for, NAHB Remodelers remains committed to professionalism and helping home owners create the home of their dreams,” said NAHB Remodelers Chair Mike Pressgrove, a remodeler from Topeka, Kansas. According to NAHB, Bathroom remodels were cited as a common job by 65% of remodelers, followed by kitchen remodels (61%). After baths…
Read MoreRemodeling Market Sentiment Remains in Positive Territory in First Quarter
Down one point compared to the previous quarter, the NAHB/Westlake Royal Remodeling Market Index (RMI) for the first quarter of 2024 posted a reading of 66. According to Eye On Housing, Demand for remodeling remains solid and an RMI of 66 is consistent with NAHB’s forecast for remodeling spending in 2024. Nevertheless, construction costs are still an issue in some places, as rising prices for labor and building materials continue to be major headwinds to faster growth for this sector. The RMI is based on a survey that asks remodelers to rate various aspects of the residential…
Read MoreMonthly New Residential Construction
The latest new construction report from the U.S. Census Bureau discusses building permits, housing starts and housing complications. Read More
Read MoreFour Things to Know Before Building a New Home
Homes are incredibly complicated structures with a wide variety of moving parts that require different industry professionals, such as architects, engineers and builders, to put the pieces into place. Four things to know before embarking on new construction are: buying new doesn’t have to mean spending more; always have a home inspection; pay attention to insurance premiums; and expect the unexpected. U.S. New & World Report delves into the specifies of each note in its recent article, beginning with the first of them mentioned above. According to the article, Although…
Read MoreDriving Efficiency in Challenging Times with Structural Building Components
By Jess Lohse Builders and developers continue to face unprecedented challenges as increased interest rates pressure housing affordability. Current rate levels jeopardize many multifamily housing projects and have many builders working to “do more with less” on single family projects. Times like these cause builders to revert to basics and analyze procurement and construction techniques. It may be tempting to apply pressure to subcontractors and suppliers to increase their scope of work while minimizing their price; better value can be found in soliciting their thoughts for efficiency and improvements to…
Read MoreSeven Percent of Builders Now Build Barndominiums
Barndominium: a structure that is, in some sense, a combination barn and condominium A rising term in the industry, barndominiums are becoming increasingly widespread in real estate media outlets. Even more so, the National Association of Home Builders (NAHB) included the term in a questions in its February 2024 NAHB/Wells Fargo Housing Market Index. The survey yielded a response of a total of 7% of single-family builders are indeed building barndominiums at some point during the past 12 months. According to Eye On Housing, That result, however, leaves open the question…
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