Spending on remodeling & home improvement projects will rise through 2016, according to a new study recently released by Harvard University’s Joint Center for Housing Studies. Their Leading Indicator of Remodeling Activity (LIRA) study predicts that home remodeling spending will increase 8.6% by the end of 2016 and then grow to 9.7% by the first quarter of 2017.
“Ongoing gains in home prices and sales are encouraging more homeowners to pursue larger-scale improvement projects this year compared to last with permitted projects climbing at a good pace,” says Chris Herbert, Managing Director of the Joint Center. “On the strength of these gains, the level of annual spending for remodeling and repairs is expected to reach nearly $325 billion nationally by early next year.”
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