Homeowners spent an estimated $129.3 billion on home improvements and repairs over the past four quarters, according to remodeling activity statistics released by Harvard’s Joint Center for Housing Studies. Spending has increased 5.1 percent since the third quarter of 2003.

“Manufacturers and distributors of home improvement products are reporting strong gains in recent months,” said Kermit Baker, director of the Remodeling Futures Program of the Joint Center. “Remodeling contractors are increasing overtime for their employees, so home improvement activity should accelerate in the months ahead”

Nicolas Retsinas, director of the Joint Center, attributed the increase in home improvement spending to job growth and low interest rates.

Harvard’s Joint Center for Housing Studies, established in 1959, is a collaborative unit affiliated with the Harvard Design School and the Kennedy School of Government. Since the first release of the Joint Center’s Remodeling Activity Indicator in 1998, several changes occurred that encouraged a revision in the computation methodology. They include changes in the way remodeling projects are financed, re-benchmarking of the government’s remodeling data, and the introduction of new data sources related to remodeling activity.

***

Send tips or a Letter to the Editor to jessica@inman.com or call (510) 658-9252, ext. 133.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription