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Posts Tagged ‘Remodeling Trends

Significant growth expected for remodeling industry

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A major analytics firm focused on residential construction, John Burns Real Estate Consulting of Irvine, California, has released its first forecast of the industry. The firm expects the industry to grow 7.8 percent in 2016, pushing the total size of remodeling and home improvement above $300 billion, up from a projected $278.6 billion in 2015.

Significantly, the new market forecast, led by Burns VP Todd Tomalak, who formerly managed an economics group with Kohler Co., offers new segmentation of the industry’s projected output. Of the $266 billion in activity in 2014, the new data says $108 billion was spent by professional contractors on building materials, $69.3 billion was spent by do-it-yourself homeowners, and $88.2 billion paid for contractor services and labor.

The Burns forecast also distinguishes between small projects, big projects (over $5,000) and disaster repairs. In 2014, the report says big projects amounted to $113.6 billion of the $266 billion total. Small projects accounted for $146.1 billion and $5.9 billion was spent on disaster repairs. Small-project spending by owners will be a key driver of the market in 2016, rising 9.4 percent to $143 billion.

Anyone interested in learning more about the new forecast can e-mail Burns’ SVP Lisa Marquis Jackson at lmjackson@realestateconsulting.com.

www.realestateconsulting.com

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Written by cabinettrends

October 7, 2015 at 7:00 am

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Slowing growth in home renovations should stabilize by year’s end

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The healthy gains in residential remodeling activity estimated for 2014 and the first part of 2015 are expected to decelerate, but then gain a little more traction by the end of the year, according to the Leading Indicator of Remodeling Activity (LIRA) released today by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. The LIRA projects annual spending for home improvements will increase a more modest 2.9 percent in 2015.”

“One of the largest contributors to this dampening of remodeling growth in 2015 is the sluggish existing home sales activity last year,” says Chris Herbert, managing director of the Joint Center.  “Housing turnover typically sparks significant improvement spending as new owners customize their recent purchases to fit their needs and, with sales down last year, remodeling will feel the effects this year.”

 

“Moving forward, signs of higher growth in remodeling activity include strengthening retail sales of building materials,” says Abbe Will, a research analyst in the Remodeling Futures Program at the Joint Center.  “Also, rising home equity and still favorable interest rates continue to encourage owners to reinvest in their homes.”

View the full size graphic.

For a detailed look at LIRA, click here.

For more information, please visit www.jchs.harvard.edu.

Written by cabinettrends

April 27, 2015 at 7:00 am

Senior citizens can benefit from updated homes

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The editors at The Family Handyman, a DIY remodeling publication, understand that as parents or loved ones age, their homes may not age so well along with them. This month, the magazine features a special section on easy upgrades to make their homes safer and help prepare for old age. Their cost-effective DIY solutions may help seniors live longer and more comfortably in their own homes. Some of these solutions are:

  • Widen doorways with offset hinges: Often, folks find that they need to widen their doorframes as they get older and start to use a cane, walker or wheelchair. It’s an expensive and complicated job, but expandable offset door hinges will help find space to maneuver.
  • Replace toggle switches with rocker switches: It’s easier for arthritis hands to press flat, rocket-style switches than manipulate toggles. The big on/off plate can be operated with a simple finger, knuckle or even an elbow and they’re easier to find day or night.
  • A showerhead grab bar is a big help: Many senior citizens won’t have grab bars in their home to avoid the “institutionalized” look, even if they need them. The Family Handyman has options for those looking to install grab bars that look elegant and natural to the room. This is helpful for those with limited mobility or who prefer to shower while seated.
  • Add keyhole lights:  This quick solution can prevent a lot of frustration, and many come with solar power so you don’t even need batteries. No more fumbling in the cold looking for your keys.
  • Extend stair rails: One in three seniors will fall this year. 20 percent of those falls will contribute to their deaths.
  • Get LED light bulbs: The average home has 40 light bulbs, changing a burnt-out bulb often involves climbing a ladder or step stool and risking a fall. Replace light bulbs with CFLs or LEDs to cut down the need for the homeowner to change the light bulb.

Written by cabinettrends

February 19, 2015 at 7:00 am

Growth slowing in home remodeling in 2015

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As the broader housing market continues its sluggish recovery, growth in home improvement spending is also expected to soften throughout the coming year, according to the Leading Indicator of Remodeling Activity (LIRA) released today by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.  The LIRA projects annual growth in home improvement spending will decelerate from 6.3 percent in the first quarter of 2015 to 1.6 percent by the third quarter.

“Due in part to weakening home sales last year, growth in remodeling spending is expected to deflate somewhat in 2015,” says Chris Herbert, managing director of the Joint Center.  “Homeownership rates continue to slide as lending remains tight and first-time homebuyers are not yet returning to the market.”

“Although contractor sentiment has cooled in recent quarters, it remains favorable overall,” says Abbe Will, a research analyst in the Remodeling Futures Program at the Joint Center.  “House price gains are moderating but still strong and home sales appear to be turning a corner now, all of which bodes well for continued, if more moderate, home improvement gains for 2015.”

Click here for a full-size graphic of LIRA.

On Thursday, January 29, the Joint Center for Housing Studies will release its latest biennial report and webcast on the remodeling industry, Improving America’s Housing: Emerging Trends in the Remodeling Market. Almost fully recovered from the recent downturn, the report identifies the remodeling industry segments that will support further growth in the years ahead.

For more information, visit www.jchs.harvard.edu/research/improving-americas-housing.

Written by cabinettrends

January 29, 2015 at 7:00 am

Residential remodeling market to see modest growth in 2015

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Residential remodeling is set for modest growth in 2015, according to experts at a press conference hosted by the National Association of Home Builders (NAHB) Remodelers at the International Builders’ Show (IBS) in Las Vegas. Remodelers appearing on the panel agreed with the forecast, citing home owners’ changing demographics and increased financial security.

NAHB projects that residential remodeling spending on owner-occupied single-family homes will increase a modest 3 percent in 2015 over 2014, and another 1.5 percent in 2016.

“Remodelers are responding to calls from home owners on steadier financial footing than recent years,” said 2015 NAHB Remodelers Chairman Robert Criner, a remodeler from Newport News, Virginia. “From major kitchen remodels and bath facelifts to room additions, the members of NAHB Remodelers look forward to providing professional remodeling services in 2015.”

“Among our clientele, a demographic shift towards remodeling urban homes is taking place,” said Mike Nagel, a remodeler from Chicago. “Our recent jobs tend to be in the city and the projects have increased in size.”

“Existing homes sales and house prices both hit soft spots in 2014 that dealt a glancing blow to residential remodeling businesses,” said Paul Emrath, NAHB’s vice president for survey and housing policy research. “We expect those drags are behind us in 2015, an outlook consistent with the optimism expressed by remodeler members in our recent Remodeling Market Index (RMI) survey.”

Written by cabinettrends

January 27, 2015 at 2:30 pm

Rhode Island Kitchen & Bath honored for remodeling project

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R.I. Kitchen & Bath, http://www.rikb.com/, the design-build firm specializing in kitchen, bath and interior renovations throughout Rhode Island, Southeastern Massachusetts and Eastern Connecticut, was named the recipient of a 2014 PRISM Award – a Silver Award in the “Best Bath Remodel under $75,000” category.

Presented by the Builders Association of Greater Boston, the PRISM (Prestigious Results in Sales and Marketing) Awards recognize the accomplishments of professionals who influence the present and shape the future of building and design. The competition recognizes achievements in building and design and is open to builders, developers, project owners, architects, land planners, marketing/advertising firms, interior design firms, remodelers and other professionals in the home building industry.

The Silver award received by R.I. Kitchen & Bath recognized exceptional work on an outdated bathroom renovation. The cramped space consisted of a large Jacuzzi tub, separate shower stall, plain vanities and a commode. The R.I. Kitchen & Bath team focused on creating a custom walk-in shower flanked by a linen display cabinet, a vanity in Manhattan Calcutta marble, adding heated flooring as well as a side wall wallpapered to match the palette in the master bedroom. The result opened up and modernized the bathroom, allowing greater access and function for the homeowners to simultaneously use the space.

Written by cabinettrends

October 29, 2014 at 7:00 am

Pace of remodeling spending to slow into 2015, LIRA projects

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Growth in home improvement activity is expected to peak during the second half of 2014 and then begin to ease heading into next year, according to the Leading Indicator of Remodeling Activity (LIRA) released by the Remodeling Futures Program at Harvard University’s Joint Center for Housing Studies. Revised estimates from the U.S. Census Bureau show the home improvement market grew 5.6 percent in 2013. For 2014, the LIRA projects annual gains in home improvement spending of 9.9 percent with annual growth slowing to 7.0 percent in the first quarter of 2015.

“With the economy improving slower than expected and home sales struggling to keep up with last year’s pace, the recent strong gains in remodeling spending will likely moderate later this year,” says Chris Herbert, research director at the Joint Center. “Although this presents a challenge for the remodeling industry, the LIRA continues to project significant growth going into 2015.”

“Despite some headwinds, there continue to be promising signs for remodeling,” says Kermit Baker, director of the Remodeling Futures Program at the Joint Center. “Remodeling contractor sentiment remains positive and house prices continue to rise in most areas of the country.”

The LIRA is designed to estimate national homeowner spending on improvements for the current quarter and subsequent three quarters. The indicator, measured as an annual rate-of-change of its components, provides a short-term outlook of homeowner remodeling activity and is intended to help identify future turning points in the business cycle of the home improvement industry. The next LIRA release date is Oct. 16.

Read more at http://www.jchs.harvard.edu/strong-remodeling-spending-slow-pace-heading-2015.

Written by cabinettrends

August 7, 2014 at 7:00 am

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