DALLAS--U.S. Home Systems, Inc. today announced that according to a recently released report by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, home improvement expenditures are expected to increase to an inflation-adjusted 3.5% annual average rate, in contrast to double-digit declines since 2007, which reinforces the Company's optimism about the recovery it sees in the home improvement industry. The Company's principal product lines include kitchen cabinet refacing products, bathroom remodeling products, storage organization systems for closets and garages and related accessories.
The report indicates that "the focus of remodeling spending will shift from upper-end discretionary projects to replacements and systems upgrades" and goes on to say that "remodeling contractors have a number of growth opportunities generated by underinvestment in distressed properties, lower mobility, changing migration patterns and the rise of environmental awareness" and also indicates, that "at least temporarily, more remodeling spending will remain in older, slower-growing areas in the Rustbelt and in California."
Murray Gross, chairman and chief executive officer of U.S. Home Systems, commented, "This new study by Harvard, a highly respected third party source, reinforces our belief that a recovery in the home improvement industry has gained traction and will continue in the foreseeable future. Even more encouraging is that the market fundamentals in this study point to increases in remodeling spending not only in metropolitan areas with higher incomes and older housing stock but also in slower-growing areas."
About the Joint Center for Housing Studies
The Joint Center for Housing Studies is Harvard University's center for information and research on housing in the United States and beyond, and the Remodeling Futures Program is a comprehensive study of the factors influencing the growth and changing characteristics of housing renovation and repair activity.
About U.S. Home Systems, Inc.
U.S. Home Systems, Inc. manufactures or procures, designs, sells and installs custom quality specialty home improvement products. The Company's product lines include kitchen cabinet refacing products utilized in kitchen remodeling, bathroom tub liners and wall surround products utilized in bathroom remodeling, and storage organization systems for closets and garages. The Company manufactures its own cabinet refacing products and bathroom cabinetry.
SOURCE: U.S. Home Systems Inc.