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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Home Remodeling Firms Express Optimism for 2025
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 —…
Read MorePrivate Residential Construction Spending Rises 1.5% in December
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 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…
Read MoreNearly Half of Homeowners Plan To Renovate in 2025
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…
Read MoreOutlook for Home Remodeling Sees Modest Gains for 2025
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,”…
Read MoreWhole House Remodeling Reaches Record High While Sentiment Improves
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…
Read MoreBobcat to Debut Several New Machines, Product Innovations at Equip Expo 2024
Bobcat Company, a global equipment, innovation and worksite solutions brand, will showcase several all-new and recently introduced grounds maintenance and turf renovation machines at Equip Expo. New Utility Tractors on Display Introduced in June 2024, Bobcat’s utility tractor lineup (UT6066, UT6566, UT6573) offers a competitive advantage for hauling, digging, raking, scraping and more. Bobcat will display its UT6573 at this year’s show. Bobcat utility tractors feature 12×12 powershuttle transmissions that deliver smooth shifting without stepping on a clutch pedal. Powered by turbocharged, Tier 4 diesel engines, these tractors offer robust…
Read MoreAmid High Interest Rates and Inflation, American Homeowners Would Rather Renovate Than Buy a New Home
Discover Home Loans conducted a survey to determine what client intentions are for their homes, and whether they are choosing to renovate their current property or buy a new house to best fit their needs and style preferences. It was found that high interest rates are having a high impact on homeowners in the United States with 84% of those planning to buy a new home pushed out of the market due to such. In addition, it was also found that of those impacted, 46% are no longer looking for…
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…
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