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
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…
Read MoreWho Hires Pros and How Much Are They Spending to Complete Those DIFM Projects in 2024?
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…
Read MoreRemodel of the Week: 2024 National / Regional CotY Award Winner, Entire House Over $1,000,000
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
Read MorePros Expect an End-of-Year Rebound Following Slowed Activity
“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
Read MoreMortgage Delinquencies Decrease Slightly in the Third Quarter of 2024, Up on Annual Basis
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
Read MoreDisaster Survivors Face These Roadblocks to Rebuild Safer, More Sustainable Homes
Pricey sustainable rebuilds, insurance hesitancy, and a thinly stretched Federal Emergency budget are just some of the roadblocks survivors face when rebuilding their homes after a disaster. Read more
Read MoreConstruction Job Openings Fall Post-Helene
The U.S. Bureau of Labor Statistics reported that open construction jobs decreased by 288,000 on the last day of September. Read more
Read MoreFour Practical Ways to Reduce Construction Costs Without Hurting Quality
“Managing costs without compromising on quality is a primary concern for contractors. Effective construction cost management involves strategic planning, accurate estimation and efficient billing processes. By implementing these practical strategies, contractors can optimize their resources, enhance project efficiency and maintain high standards of quality.” Read more
Read MoreRemodel of the Week: 2024 National/Regional CotY Award Winner, Residential Kitchen $150,000 to $200,000
Blending the historic home’s 1918 charm with features designed to meet the needs of contemporary living, this newly renovated kitchen by Val Collective includes premium marble countertops, a cozy butler’s pantry, multiple islands, and sleek gold fixtures. Home to an active family of four, Val Collective took advantage of the open floor plan to create a bespoke communal space that elegantly accommodates both dining and storage. Read more
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