Home remodeling activity should see healthy gains in 2016Home remodeling activity should see healthy gains in 2016https://www.recenter.tamu.edu/news/newstalk-texas/?Item=118382016-01-21T06:00:00Z2016-01-21T22:00:00Z

​​​​CAMBRIDGE, ​Mass. – Expenditures for home improvements should increase this year, according to the Leading Indicator of Remodeling Activity (LIRA) released by the Remodeling Futures Program at the Joint Center f​or Housing Studies of Harvard University.

The LIRA projects annual spending growth for home improvements will accelerate from 4.3 percent in first quarter 2016 to 7.6 percent in the third quarter. The level of annual spending in nominal terms is anticipated to surpass the previous peak set ten years ago. 

"2016 is looking to be a stronger year for home renovation activity compared to 2015 thanks to the continued recovery in the owner-occupied housing market," says Chris Herbert, managing director of the Joint Center for Housing Studies. "In most markets across the country, rising house prices are bringing more homes to the market and increasing sales, which is a larger driver of home improvement​ activity."

"The remodeling market has steadily improved in recent years with homeowners incorporating larger, more discretionary projects into their home improvement priorities,” says Abbe Will, research analyst in the program. “The real test this year will be whether the industry can clear ongoing bottlenecks in labor availability and consumer financing concerns to fully meet this increased demand.”

Joint Center for Housing Studies of Harvard University
http://www.jchs.harvard.edu/home-remodeling-activity-looking-gain-steam-through-mid-yearRead more at {Source}

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