Industry News

Real estate remodeling spend hits new high

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The United States home improvement market has grown to nearly $250 billion, according to a new report released by the Joint Center for Housing Studies' Remodeling Futures Program. Fueled by the home-ownership boom, as well as strong income growth among high-earning households, improvement spending has climbed steadily for a decade. "Households with incomes of $120,000 and up have been responsible for some 60 percent of the growth in spending since 1995," said Nicolas P. Retsinas, Joint Center director. "The most popular types of projects are high-end improvements, such as major kitchen or bath remodels or room additions. Households spending at least $25,000 on improvements accounted for almost one-third of all remodeling expenditures in 2003." The most recent report in the Improving America's Housing series, "The Changing Structure of the Home Remodeling Industry," examines significant demand and supply shifts. While the baby boomers still account for the majority of the m...