Low consumer confidence and dropping home values has led to depressed growth in the home remodeling industry over the past few years. But a new Harvard University study states that we are ready to see double-digit growth in the remodeling industry as early as the first quarter of 2013.
The Harvard University report, released by the Remodeling Futures Program at the Joint Center for Housing Studies, indicated that while growth has been strong in the remodeling industry in 2012, it may have been to other factors, such as warmer weather across much of the country. We can sure attest to that warmer weather in the Ozarks can’t we?
Moving forward, however, they expect the combination of extremely low financing costs, increased consumer confidence, improving home sales, and home price stabilization to fuel even greater growth into 2013.
As our President Matt Bailey has acknowledged, the past few years have been a struggle in the construction industy. But those tough times have made us (and many construction companies) better and more effecient at what we do. Now that the conditions for home remodeling are improving, the industry is in a better position than ever to serve the needs of the consumer.
What about you? Do you have any big remodeling projects planned? If so, what kinds? Let us know in the comments. And if you’d like to take a look at some of our home remodeling work, check out our Residential Remodeling Portfolio. If you’d like to talk with us about how we can help with your upcoming project, you can find our contact information here.
Thanks for reading, and have fun remodeling this fall and winter!
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