Home improvement projects will total 400,000 through the third quarter, generating $20 billion in business for remodelers, cabinetmaking shops and other home improvement contractors, says Festool USA.
In the "State of the Remodeling Industry Report 2013," Festool VP product marketing Michael Williams said home improvement spending reached $300 billion last year - the second highest level in a decade.
The report, which also analyzes consumers' home remodeling patterns, was delivered at the JLC Live Conference in Baltimore last month. Drawing from a number of sources, including the Hanley Wood Residential Remodeling Index and the Leading Indicator of Remodeling Activity from Joint Center for Housing Studies of Harvard University, and pulled the most relevant information for remodeling businesses, the report also summarizes generational differences and regional hot spots for remodeling work.
The report notes that during economic downturn, consumers tended to invest in window and door replacement projects, which are perceived as having a quicker return on investment, shying away from bedroom and other remodeling. As the economy improves, consumer appetitite for projects that improve liveability will increase, the Festool 2013 State of the Remodeling Industry report suggests.