Are you a prospective or current homeowner looking to remodel your home? If so, you’re in luck—2016 will be a high-water mark in the home remodeling industry, according to a recent report from The Boston Globe.
According to a new Harvard study, American homeowners will spend a total of $155 billion on home remodeling this year. This $155 billion mark represents the highest spending peak in the home remodeling industry in a decade. The Harvard analysis attributed the positive growth in remodeling sales to a revitalized housing market. If you think that these sales numbers sound overly optimistic, remodeling industry insiders are also predicting even better days ahead as well.
Another group that predicts huge growth in the home remodeling market in 2016 is the National Association of the Remodeling Industry (NARI), a business development and advocacy organization for the home remodeling industry. In examining trends from the fourth quarter of 2015, NARI concluded that home remodeling industry would see double-digit growth in 2016. Like the Harvard researchers, NARI sees home sales as a driving force to increased remodeling sales—with that said, the group projects that the biggest factor will be homeowners resuming projects they previously postponed. Other factors NARI cites include economic growth and increasing home prices.
As Sarah D. Young of ConsumerAffairs.com points out, home remodeling outlets such as Lowe’s are preparing for a sales boom by hiring more employees during the spring and summer months. However, consumer sales in the home remodeling industry may decrease by winter as a result of weather-related causes like shipping slowdowns for suppliers and commuting difficulties for customers.
Therefore, homeowners interested in pursuing remodeling projects may want to take timing into account when making their purchasing decisions. Outlets like Home Depot will offer advantageous deals in order to encourage customer interest; therefore, join the e-mail lists of these suppliers so you can buy the home remodeling equipment you need at just the right time.
In addition, consult the experts at Home Remedy in Houston for your home remodeling needs. Simply fill out the form on our Contact Us page and we’ll be sure to address any comments or questions you may have about your home rebuilding project.