Remodeling To Rebound Sharply This Year

Cambridge, MA, Jan. 18, 2013 -- All signs point to a strong rebound for home improvement activity in 2013, according to the Leading Indicator of Remodeling Activity by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.

Robust spending in the second half of 2012 suggests the remodeling recovery is already underway, and the LIRA projects annual homeowner improvement spending will see accelerating double-digit growth through the third quarter this year.

“It’s encouraging to see the residential sector finally contribute to growth in our economy,” says Eric S. Belsky, managing director of the Joint Center.

“Through the first three quarters of 2012, investment in the residential sector was responsible for one out of every six dollars added to our GDP. Moving forward, home improvement spending is expected to make an even larger contribution to GDP growth.”

Program director Kermit Baker noted that economic and political risks could derail the recovery.

“However, the solid momentum behind home building activity, existing home sales, low financing costs, and remodeling contractor sentiment all point to a solid start to the new year for home improvement spending.”



Other Archived Articles

Haines Vice President of Operations Dies   Full Article
Glen Burnie, MD, April 1, 2014 -- Distributor Haines said its vice president of operations, Mark Blakely, died March 27 from health complications.

Manufacturing Keeps Expanding in March   Full Article
Washington, DC, April 1, 2014 -- U.S. manufacturing continued to expand in March at a higher pace than in February, according to the Institute for Supply Management.

Construction Spending Edges Up in February   Full Article
Washington, DC, April 1, 2014 -- Construction spending ticked up in February, according to the Commerce Department.

Perfect Timing for New Chocolate Flooring   Full Article
Vancouver, BC, April 1, 2014 -- For a limited time, BuildDirect is offering real chocolate plank flooring.

Del Conca Opens U.S. Manufacturing Facility   Full Article
Loudon, TN, April 1, 2014 -- Del Conca USA held a ribbon-cutting ceremony for its new manufacturing facility in Loudon.

Vinyl Institute Names Vice President of Marketing   Full Article
Alexandria, VA, April 1, 2014 -– The Vinyl Institute has named Susan Wade vice president of marketing and communications.

Tandus Centiva Offering Green Innovation Grant   Full Article
Dalton, GA, March 31, 2014 -- Tandus Centiva said it will award $3,000 in Green Innovation grant funds to a K-12 school.

SelecTech Signs Agreement with Spartan   Full Article
Avon, MA, March 31, 2014 -- SelecTech, a manufacturer of flooring products from recycled materials, has signed an agreement with Spartan Surfaces to represent Selectech in the Midwest.

Chicago Manufacturing Expands at Slower Pace   Full Article
Chicago, IL, March 31, 2014 -- Manufacturing activity in the Chicago area grew at a slower rate in March.

Fuse Alliance Adds Four New Members   Full Article
Aurora, CO, March 31, 2014 -- Fuse Alliance said it has added four new commercial flooring contractors and 20 new locations to the network.

J+J Sponsoring Education Facilities Workshop   Full Article
Dalton, GA, March 31, 2014 -- J+J Flooring Group has recently joined with APPA, the world-wide professional association of education facility managers, to present an APPA Facilities Drive-In workshop.

Consumer Spending, Incomes Rise in February   Full Article
Washington, DC, March 28, 2014 -- Consumer spending rose 0.3% in February after a 0.2% rise in January, the Commerce Department said.

Tuftex Wins California Recycled Water Award   Full Article
Santa Fe Springs, CA, March 28, 2014 -- Shaw's Tuftex division received the Recycled Water Customer of the Year Award from the WateReuse Association's California Section.

NWFA Expands Scholarship Program   Full Article
St. Louis, MO, March 28, 2014 -- The National Wood Flooring Association said it will significantly expand its scholarship program under its new Education & Research Foundation.

Consumer Sentiment Falls in March   Full Article
Ann Arbor, MI, March 28, 2014 -- Consumer sentiment declined to a final March reading of 80 from 81.6 in February, according to the University of Michigan and Thomson Reuters survey.

Tarkett in Partnerships with Healthcare Groups   Full Article
Chagrin Falls, OH, March 28, 2014 -- Tarkett said it has formed collaborative partnerships with four leading healthcare organizations: NXT Health, Planetree, Practice Greenhealth, and The Center for Health Design.

Wood Flooring Sales Decline in Europe   Full Article
Brussels, Belgium, March 28, 2014 -- After a year in which overall European wood flooring consumption fell by 5.9%, first estimates suggest the market contracted another 5% in 2013, the Lesprom Network said.

UK's Carpetright Issues Profit Warning   Full Article
London, England, March 28, 2014 -- Carpetright has issued its third profits warning in six months.

Armstrong Products Featured in 'Dream Builders'   Full Article
Lancaster, PA, March 27, 2014 -- Armstrong and Bruce flooring will be featured in the premier season of NBC’s new reality competition series, “American Dream Builders,” hosted by designer Nate Berkus.

Pending Home Sales Fall in February   Full Article
Washington, DC, March 27, 2014 -- Pending home sales fell 0.8% in February to the lowest level in more than two years, the National Association of Realtors reported Thursday.