Across the country, the remodeling business is a big right now, just ask The Home Depot. Recently, property data provider BuildFax released a study detailing remodeling activity over the last several years as well as identifying potential trends. They use three unique perspectives; historical, national, and regional to provide their overview. Interestingly, they say 2016 saw changes in remodeling’s growth rate and spending that could have a serious impact on the business.
Some key takeaways:
• Since 2011, home remodeling has increased by an annualized 5% per year on average
• Residential remodeling increased 4.3% last year, which is a slight slow-down in momentum
• From 2011 to 2016, the average cost attached to residential remodel projects grew by an annualized average of 2% per year and saw a 17% increase overall
Click here to read the full study on BuildFax.com.
