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Report Sees Remodeling Rebound

Monday, October 5, 2009

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Home remodeling activity has increased in certain U.S. regions for the first time in more than a year, according to a new report by RemodelorMove.com.

The site’s Remodeling Activity Report, based on a sampling of remodeling permits, notes a significant increase in the value of second-quarter remodeling projects, compared to the first quarter of 2009.

“The size of these projects is the most notable change,” the site reports. “The average expenditure by homeowners in the sampled regions for permitted remodeling projects was more than 20% greater than spent in the same quarter of both 2007 and 2008.”

The results are in line with the site’s Spring 2009 Remodeling Sentiment Report, which reported a 5% increase in the number of homeowners who reported that they were likely to remodel in the next 12 months.

Recent government stimulus packages, rebates for energy efficient remodels and steep reductions in overall remodeling costs have all encouraged many homeowners to begin remodeling projects in the second quarter of 2009 that were previously on hold, the site reported.

The Northeast and Southwest regions of the U.S. show the most signs of improvement in remodeling expenditures during the second quarter of 2009, compared to the same quarter in 2008, according to the report. The rest of the country has yet to see much of a recovery, while remodeling in the Southeast remains in decline.

The release of RemodelorMove.com's forward-looking Remodeling Sentiment Report next month will provide additional insight on the strength and duration of the economic recovery as it relates to the U.S. home remodeling market through the end of 2009 and 2010.

RemodelorMove is an online resource for homeowners deciding whether to remodel their current homes or to move. In partnership with www.remodelestimates.com, RemodelorMove.com provides information and cost-comparison calculators, forums, seminars, and advice for homeowners.

   

Tagged categories: Residential

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