Home improvement spending was uneven and mostly sluggish for 2011, according to some indexes, but data released by the Joint Center for Housing Studies of Harvard University suggests an improvement in remodeling by the end of 2012.
Also, according to the BuildFax Remodeling Index, which tracks remodeling activity on a month-to-month basis, there have been 25 consecutive months of increase in activity. Its report for Sept. 2011 indicated a record level of activity — the highest since that Index was introduced in 2004. November 2011 saw a 33.5% year-over-year edge up. However, month-over-month for November was slightly down. (Editor's Note: Other remodeling indexes, which report once or twice a year, indicated a more volatile track for remodeling in 2011.)
Spurred by increasing home sales and an easing of the credit crunch, remodelers should be well positioned to take advantage of the improving economic environment, according to experts.
“We’re beginning to see some hopeful signs in the economy, and the housing market is finally starting its slow recovery,” says Eric S. Belsky, managing director of the Joint Center. “That should prove helpful for home improvement spending as the year progresses.”
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