Remodeling Spending to Spike

Across 50 of the largest major markets, home remodeling spending will spike this year, according to findings released by the Remodeling Futures Program at the Joint Center for Housing Studies at Harvard University. Expenditures for home remodels will rise by 5 percent in 41 of the 50 markets, and by 10 percent more in 11—the latter including Charlotte, N.C., Dallas and San Antonio, Texas, and Kansas City, Mo.

“Spending growth is projected to be particularly strong in many of the nation’s more affordable markets,” says Chris Herbert, managing director of the Joint Center for Housing Studies at Harvard University. “At the same time, there are a few high-cost markets where low housing supply is spurring the renovation of existing homes.”

“Our projections show that growth in the remodeling market is not concentrated in just one area of the country, but is widespread,” says Elizabeth La Jeunesse, senior research analyst in the Remodeling Futures Program. “Average growth through 2018 in major metros of the South, West and Midwest is projected to be close to the 50-metro average of 7.4 percent, while growth in metros of the Northeast will be slightly lower (5.6 percent).”

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