Did you know that for the third year in a row, 2011 remodeling spending exceeded spending on new construction in the U.S.? We didn’t until this article in the December issue of Builder magazine enlightened us.
Between homeowners staying put and foreclosures in need of repair, remodeling continues to eclipse new-home construction spending. To start, tax credit incentives to add or replace energy-efficient items (like lighting) have led many to remodel rather than move or build a new home. And a recent survey by the National Association of Home Builders (NAHB) found that foreclosure remodeling activity is on the rise – 15% of remodelers and 17% of single-family home builders work with foreclosed homes.
According to the article, most of the remodeling trends are likely to continue, although single-family construction will eventually rise again as consumers regain confidence.
We’d love to hear our readers’ perspective. Homeowners: do these facts reflect how you feel about remodeling vs. moving or building? And builders, are you also seeing these trends in the field?