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News & Press: HIRI in the News

Remodeling spending increases as renovations are on the rise

Tuesday, May 5, 2015   (0 Comments)
Posted by: Elizabeth Nicholas

 

Remodeling spending increases as renovations are on the rise - Suburban 

April 30, 2015

In the not-so-distant past, home improvement projects all but came to a halt, as homeowners were weary about investing any money into fixer-uppers. But the tides have changed dramatically in recent months, and homeowners are again ready and willing to invest big dollars into home renovations. Renewed confidence in the economy and an upswing in the real estate market have contributed to the remodeling frenzy. In early 2014, the Joint Center for Housing Statistics of Harvard University forecasted nearly $150 billion in major remodeling spending over the year. JCHS said as homeowners gain more confidence in the housing market, they’re more likely to undertake home improvements they would have avoided in recent years.

 

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