Harvard Sees Pickup in Remodeling This Year

Cambridge, MA, Jan. 20, 2012 -- Home improvement spending is expected to trend up later this year, according to the Leading Indicator of Remodeling Activity by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.

“We’re beginning to see some hopeful signs in the economy, and the housing market is finally starting its slow recovery,” said Eric S. Belsky, managing director of the Joint Center.

“That should prove helpful for home improvement spending as the year progresses.”

Sales of existing homes have been increasing in recent months, offering more opportunities for home improvement projects, added Kermit Baker, director of the Remodeling Futures Program at the Joint Center.

“As lending institutions become less fearful of the real estate sector, financing will become more readily available to owners looking to undertake remodeling,” Baker said.

The Leading Indicator of Remodeling Activity is designed to estimate national homeowner spending on improvements for the current quarter and subsequent three quarters.