Category: Building News

Billionaire’s Row is known as the three blocks of Broadway between Lyon and Divisadero streets in San Francisco, California, and right now it might be the world’s most elegant construction site. Owned by the city’s elite, the strip of mansions has been undergoing quite the remodel as the high-profile owners show no sign of slowing down. The question lies in what specifically these rich owners are reconstructing in their already glamorous homes, which could be a greater tell into how the rest of the nation’s remodeling market might soon be…

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According to industry experts at a panel hosted by the National Association of Home Builders (NAHB) during the International Builders’ Show in Las Vegas, aging housing stock, record levels of home equity and favorable demographics are creating positive growth prospects for the remodeling sector in 2025. According to NAHB, The outlook bodes well for the remodeling sector. Consumer inflation remains a concern as shelter costs continue to be sticky despite tightening measures by the Federal Reserve. And while lower mortgage rates are potentially on the horizon, the process will be…

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Renovations are rising, seen as more and more homeowners stay put, increasing the need to elevate their living spaces. Recently released, the 2024 Angi State of Home Spending report details home improvement projects that were most invested in by Americans last year. One generation in particular was found confirmed to be investing more money than any other age group in home renovations, with plan to move not coming anytime soon. Baby boomers, those born between 1946 and 1964, were found to spend an average of $14,140 on home projects in 2024,…

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Remodeling firms and residential contractors have entered 2025 with renewed confidence, among other building industry professionals, after experiencing revenue and profitability declines in 2024. This is according to Houzz Inc.’s annual U.S. Houzz State of the Industry report which was recently released. Houzz’s survey found that more than three in five firms are anticipating a positive outlook for their business for the year ahead. Specialty contractors in particular are leading in confidence. According to Furniture Today, While 2024 proved challenging — marked by declining revenues and tighter project budgets —…

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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…

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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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Though homeownership remains a goal for many Americans, high prices and mortgage rates are making it harder to move. According to a recent survey conducted by This Old House, 91% of homeowners don’t plan to sell in 2025, with many choosing to stay put because buying a new home is too expensive. Home prices are continuing to rise, reaching a median of $435,000 in October 2024 while mortgage rates stay high, thus housing affordability could become even harder to achieve. According to This Old House, To better understand homeowners’ plans…

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Annual expenditures for improvements and maintenance to owner-occupied homes are expected to grow at a mild pace throughout 2025 after two years of decline, according to the Leading Indicator of Remodeling Activity (LIRA) recently released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. The LIRA projects that year-over-year spending for home renovation and repair will increase by 1.2% in 2025. “A solid labor market, rising home values, and continued improvement in existing home sales are supporting greater activity in home remodeling and repair,”…

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Posting a reading of 68 for the fourth quarter of 2024, the National Association of Home Builders (NAHB)/Westlake Royal Remodeling Market Index (RMI) is up five points compared to the previous quarter. Corroborated by NAHB’s recent analysis of home improvement loan applications, remodelers are more optimistic about the market than they were earlier in the year. Leads are coming in post November election as political uncertainty was removed, allowing demand to rise in many parts of the country stronger than usual for the fall season, especially demand for larger projects. The…

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