Homeowner remodeling activity is projected to accelerate, and will reach its historic level of $321 billion next year, according to Harvard University's Joint Center for Housing Studies.

Growth in home improvement spending is expected to lighten in 2015, according to Harvard's Leading Indicator of Remodeling Activity (LIRA). Years of reduced home construction is a factor.

The slow pace of recovery in the housing construction market is a drag on growth in remodeling, too, according to figures from the Leading Indicator of Remodeling Activity from the Remodeling Futures Program at Harvard University's Joint Center for Housing Studies.

Reflecting the slow pace of recovery in the overall housing market, the home remodeling industry is expected to continue its path of moderating growth, according to the Leading Indicator of Remodeling Activity (LIRA) released today by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.