Markets & Economy

Joint Center for Housing Studies: Home sales, prices will aid remodeling industry

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Are you set up for success in 2016? Join 2,500 real estate industry leaders Aug. 4-7, 2015, at Inman Connect in San Francisco. Get Connected with the people and ideas that will inspire you and take your business to new heights. Register today and save $100 with code Readers. Activity within the residential remodeling industry is expected to accelerate during the next three quarters as an uptick in sales activity equates to more buyers improving their newly purchased homes. According to the Remodeling Futures Program at the Joint Center for Housing Studies at Harvard University, annual spending growth for home improvements will rise to 4 percent during the first quarter of 2016. During the third and fourth quarters of this year, projections are for the industry to witness growth of 3.5 percent and 2.8 percent, respectively. “Increasing sales this year should translate to stronger improvement spending gains next year,” said Chris Herbert, managing director of the...