Strong Advances Expected in Kitchen and Bath Remodeling

Cleveland, Ohio -- According to the 2018 Lightstream Home Improvement Survey, strong advances are expected to be posted in home improvement spending this year, with nearly 60% of U.S. homeowners planning a remodeling project. This is not surprising, given: the current high level of consumer confidence in their economic prospects, making homeowners more likely to commit to potentially expensive home renovations; rising home values that will encourage homeowners to take out home equity lines of credit to fund home improvements; and the passage of the Tax Cuts and Jobs Act that preserved deductions allowing homeowners to write off the expenses for a number of home improvement projects.

According to the survey, nearly one in three homeowners plan to remodel a bathroom in 2018, while more than a fourth intend to undertake a kitchen renovation this year. “Home Kitchen and Bathroom Remodeling,” a new Freedonia Group study, highlights these segments of the U.S. home improvement industry, which account for about 25% of all U.S. spending on home improvement projects.