In the aftermath of the Great Recession, the U.S. home improvement industry has fared much better than the broader housing market, according to a new report from the Joint Center for Housing Studies (JCHS) of Harvard University. Emerging Trends in the Remodeling Market, the latest biennial report in the Improving America’s Housing series published by the Remodeling Futures Program at JCHS, was released by webcast today. While residential construction is many years away from a full recovery, the home improvement industry could post record-level spending this year.
A number of factors have contributed to the strengthening remodeling market: following the housing bust, many households that might have traded up to more desirable homes decided instead to improve their current homes; federal and state stimulus programs encouraged energy-efficient upgrades; and many rental property owners, responding to a surge in demand, reinvested in their properties to attract new tenants.