The national remodeling market has come a long way since the 2008 housing crash. According to the Leading Indicator of Remodeling Activity (LIRA), home renovations are on the rise and are expected to accelerate. Remodeling and repair expenditures are anticipated to increase to 8% by the start of 2017, which is much higher than its 4.9% historical average.
/cdn0.vox-cdn.com/uploads/chorus_asset/file/6832005/renovation-remodeling-home-repair-spending-lira.png)
“By the middle of next year, the national remodeling market should be very close to a full recovery from its worst downturn on record,” says Abbe Will, Research Analyst in the Remodeling Futures Program at the Joint Center.
Thanks to a rising economy and a healthier housing market, annual spending on home renovations is set to reach $321 billion which is just shy of the previous peak set in 2006 before the housing crash.
If you are a real estate developer part of this renovation boom, Patch of Land can help fund your next project! We believe in supporting individuals who are looking to build wealth and help communities, so learn how to use the power of crowdfunding and P2P Lending to grow your business by reading our Borrower Handbook.
Read the original Curbed article here.
