Remodeling Expected To Rise 5% This Year

Cambridge, MA, April 19, 2010--Home improvement spending should grow as much as 5% this year, according to results from the Leading Indicator of Remodeling Activity (LIRA) released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.

"The gradual recovery in the broader economy should encourage more remodeling spending by homeowners," said Nicolas P. Retsinas, director of the Joint Center for Housing Studies. "This year could produce the first annual spending increase for the industry since 2006."

Favorable market conditions support the projected increase in remodeling activity. “With house prices showing modest gains in most markets and the employment outlook beginning to stabilize, owners are likely to refocus attention on home improvements,” noted Kermit Baker, director of the Remodeling Futures Program at the Joint Center for Housing Studies. “Home sales are trending up, which shows growing confidence in the housing market.”