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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Interest Rate Cuts Expand Consumer Credit Growth in Q4 2024
According to an Eye On Housing article authored by Economic Services Manager of the National Association of Home Builders (NAHB) Onnah Dereski, Total outstanding U.S. consumer credit stood at $5.15 trillion for the fourth quarter of 2024, increasing at an annualized rate of 4.22% (seasonally adjusted), according to the Federal Reserve’s G.19 Consumer Credit Report. This is an uptick from the third quarter of 2024’s rate of 2.47%. The G.19 report excludes mortgage loans, so the data primarily reflects consumer credit in the form of student loans, auto loans, and credit…
Read MoreSeattle Home Transformed From Compact to an Open Floorplan With Functional Design
This Seattle, Washington home, whose project name became The Black Sheep Remodel when Seattle-based design studio SHED Architecture and Design took on the challenge, dates back to 1921. The clapboard bungalow was originally designed to house the area’s burgeoning workforce, equipped with a compact, rectangular floorplan broken up into smaller rooms that aren’t conducive to today’s modern living. SHED undertook the project to integrate the home’s 2,380 square feet of living spaces to establish an open-flow interior while also overhauling the property’s exterior to create a visual connection from the…
Read MoreEmpty Nesters Are Spending Big on These Home Improvements
Empty nesters have a newfound breadth of space, time and money, and many aren’t afraid to use it. According to MSN, Recently, Nationwide worked with Edelman Data & Intelligence to survey 1,000 U.S. homeowners, 400 independent insurance agents and 131 empty nesters. They found that although a similar number of empty nesters versus homeowners renovate their home, empty nesters pay more for those renovations. Empty nesters spend an average of $8,670 on home renovations, compared with $5,128 for the typical homeowner. Read More
Read MoreTips for Remodelers Working with Contract Designers
Remodelers know that working with designers is beneficial and attractive to clients. Still, for many remodeling businesses, it makes more sense to contract with outside designers rather than hire an in-house design team. According to the National Association of the Remodeling Industry (NARI), the first tip is to decide what type of designer you’ll be needing to work with: Generally, there are two types of designers with whom remodelers work. First, is an architectural designer, who considers the structure and framework of the remodel. They might draft and create blueprints.…
Read MorePrices and Trends in the U.S. Framing Lumber Market Released
With updated trends recently released, the week-to-week framing lumber composite price increased 1.2% on Feb. 7, 2025. Lumber prices are now 13.2% higher compared to one year ago. The National Association of Home Builders (NAHB) continually tracks the latest lumber prices and futures prices, and provides an overview of the behaviors within the United States framing lumber market. The information is sourced each week using the Random Lengths framing lumber composite price which is comprised using prices from the highest volume-producing regions of the U.S. and Canada. According to NAHB’s…
Read MoreThe Spare Room Remodel Trends as Remodeling Clients Look to Raise Home Value
Homeowners looking to sell their home are turning to a certain remodel investment first in order to attract buyers while also making day-to-day living more comfortable in the meantime. Specific home amenities hold more weight and value than others, which can allow for an edge in the housing market as potential buyers hold out for such. And while the number of bedrooms in a home used to be a huge draw, more recent research has shown that most Americans have a large share of extra rooms going unused. Studies have…
Read MoreHome 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 MorePresident 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…
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