Category: New This Week

Remodeling in the US – Market Research Report (2014-2029)

Editorial Staff

Remodelers enjoyed modest growth over the past five years. A decline in consumer confidence amid uncertain economic conditions and rising interest rates offset some gains remodelers benefited from early over the past five years. Remodeling revenue has been increasing at a CAGR of 0.5% to $120.9 billion over the past five years, including a projected increase of 0.9% in 2024 alone, as profit is expected to dip to 6.2%. Labor shortages and increased price-based competition among a growing number of remodelers have primarily contributed to profit declines. Remodelers’ ability to…

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Survey shows uptick in home renovation projects, but insurance coverage still lags

Editorial Staff

As the housing market continues to evolve and mortgage rates remain elevated, many U.S. homeowners are choosing to invest in their current properties rather than enter the uncertain market for a new home. New data from Nationwide shows that many are opting instead to invest in home renovations, repairs, and other upgrades to meet their needs. According to Nationwide’s most recent Homeowners Survey, 51% of homeowners say they have completed a major home renovation project within the past two years. While share of empty nesters undertaking home renovations is similar to that…

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What Americans Are Planning To Spend on Home Renovations in 2025 — Is It Too Much?

Editorial Staff

The COVID-19 pandemic ushered in widespread lockdowns across the country. All of a sudden, many people were spending more time in their homes than ever before. In fact, according to the U.S. Census Bureau, the number of people primarily working from home tripled between 2019 and 2021. The result? A wave of increased home renovations in an effort to make spaces more functional and comfortable, according to GOBankingRates. Read More

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Energy Prices Drive Construction Materials Costs 0.3% Higher in October

Editorial Staff

Construction input prices increased 0.3% in October compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data released today. Nonresidential construction input prices also increased 0.3% for the month. According to Associated Builders and Contractors, prices increased in all three energy subcategories last month. Natural gas prices increased by 29.3%, unprocessed energy materials prices rose 9.9% and crude petroleum prices advanced by 7.3%. Overall construction input prices are 0.2% lower than a year ago, while nonresidential construction…

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Who Hires Pros and How Much Are They Spending to Complete Those DIFM Projects in 2024?

Editorial Staff

Homeowners rely heavily on professional services for ongoing maintenance and repair tasks with many opting for DIFM (Do It For Me) projects due to a lack of tools, skills, or time. Demographically, four key homeowner segments regularly hire professionals: affluent young homeowners, affluent middle-aged homeowners, middle-income seniors and low-income seniors. According to the Home Improvement Research Institute, these groups invest significantly in DIFM projects, particularly for tasks like roof repairs and plumbing. Remodelers can capitalize on this by offering service plans and warranties to push through homeowners’ concerns about cost…

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Remodel of the Week: 2024 National / Regional CotY Award Winner, Entire House Over $1,000,000

Liz Dosta

Creating a contemporary space with room for guests while preserving the original architecture of their childhood lakeside home was key for these homeowners. A main level expansion made room for a primary suite and music room and removing a wall between the kitchen and dining room allowed for a vaulted ceiling. Read more

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Pros Expect an End-of-Year Rebound Following Slowed Activity

Liz Dosta

“Home remodeling and design professionals are optimistic as the year draws to a close, with more firms anticipating an increase in business activity than a decrease in the final quarter of 2024. This follows an overall decline in business activity in the third quarter of the year. Meanwhile, wait times in the industry are similar to last year’s and hovering around historic averages..” Read more

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Mortgage Delinquencies Decrease Slightly in the Third Quarter of 2024, Up on Annual Basis

Liz Dosta

A recent survey from the Mortgage Bankers Association indicates a slight decline in the mortgage delinquency rate to 3.93% by the end of Q3 2024. However the rate remains 30 basis points higher than a year ago. Early-stage (30-day) delinquencies saw a modest decrease, while more serious delinquencies (60-day and 90-day+) continued to rise across all loan types. Read more  

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