CAMBRIDGE, MA – Home remodeling activity is expected to pick up steam by year's end, according to according to the Leading Indicator of Remodeling Activity (LIRA) released today by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.
The Joint Center sees an increase in home sales and continuing low interest rates as major contributing factors to the remodeling rebound.
“Hopefully, we’re finally moving beyond simple volatility in the home improvement spending numbers to a period of sustained growth,” said Eric Belsky, managing director of the Joint Center. “The recent upturn we’ve seen in home sales should translate into more remodeling activity later this year.”
Kermit Baker, director of the Joint Center, added, “Unusually mild weather this past winter in many parts of the country accelerated the pace of home building and home improvement activity. This may produce a brief pause in remodeling activity this quarter, but then a strengthening economy should provide a foundation for continued growth moving forward.”