Emerging Trends in the Home Remodeling Market
After the Great Recession in America, the housing market suffered—but the home improvement and repair industry flourished. People were making improvements and updates to their current houses rather than buying new ones. Since 1999, the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University has released three detailed reports about key trends in the home remodeling market. The latest edition, Improving America’s Housing 2015: Emerging Trends in the Remodeling Market, examines how these trends will affect the year ahead.
According to the study’s findings, the U.S. home remodeling industry is currently worth about $300 billion after a few years of steady growth. 2015 is well on its way to seeing record-level spending in remodeling projects, already surpassing the recovery of the housing market itself! As the economy improves and house prices recuperate from the recession, home improvement projects will continue to experience rapid growth.
So, who is causing these trends? Baby boomers were responsible for nearly half of all home-remodeling dollars in 2013, according to the study. Homeowners in the country’s densest metro areas spent 50% more than those in rural areas. The millennial generation is not buying homes quite yet, but they will likely spend money on remodeling once they do.
The home remodeling industry must adapt with the increasing demand for its services. Opportunities for growth include energy-efficient and sustainable upgrades, accessibility improvements for elderly homeowners, do-it-yourself projects for hands-on millennials, and investing in rental property updates as more people seek out places to rent.
For those of us in the remodeling industry, these trends are incredibly exciting! At HomeStyling Design, our passion is to reflect YOU in your custom designed project. Our personalized approach allows you to control the process and us to contribute our expertise to make it happen. Contact us at HomeStyling Design to get started and be a part of the fantastic boom in the home remodeling industry!