Washington, DC, Feb. 5, 2014 -- Residential remodeling will continue a gradual climb back up in 2014 from a dramatic fall during the economic downturn, according to experts at a press conference hosted by the National Association of Home Builders Remodelers at the International Builders’ Show in Las Vegas.
Remodelers from around the country agreed with the forecast, NAHB said, citing increased demand from home owners for upgrades to existing bathrooms and kitchens.
NAHB projects that residential remodeling spending on owner-occupied single-family homes will increase 2.5 percent in 2014 over 2013, and another 1.8 percent in 2015.
“Remodelers are regaining confidence in the market as home owners continue to upgrade their homes and make repairs or replacements that were deferred during tough times,” said 2014 NAHB Remodelers Chairman Paul Sullivan.
“NAHB Remodelers looks forward to working in a strengthened market as homes sales rise.”
Repairs and replacements of old components and the desire for upgraded amenities were cited as the top reasons for customers to hire a remodeler, according to a recent NAHB survey.