LAS VEGAS - Residential remodeling will continue a gradual climb back up in 2014 from a dramatic fall during the economic downturn, according to experts at a press conference hosted by the National Association of Home Builders (NAHB) Remodelers at the International Builders' Show (IBS) in Las Vegas. Remodelers from around the country agreed with the forecast, citing increased demand from home owners for upgrades to existing bathrooms and kitchens.
NAHB projects that residential remodeling spending on owner-occupied single-family homes will increase 2.5 percent in 2014 over 2013, and another 1.8 percent in 2015.
"Remodelers are regaining confidence in the market as home owners continue to upgrade their homes and make repairs or replacements that were deferred during tough times," said 2014 NAHB Remodelers Chairman Paul Sullivan, CGR, CAPS, CGP, a remodeler from Boston. "NAHB Remodelers looks forward to working in a strengthened market as homes sales rise."
"We are predicting slow and steady growth in remodeling activity throughout 2014 and into 2015," said Paul Emrath, NAHB's vice president for survey and housing policy research. "That outlook is consistent with the indicators of future activity in our recent Remodeling Market Index (RMI) survey. It's a positive sign that whole house remodels have rebounded somewhat as home equity levels increased in 2013, though traditional bath and kitchen projects remain the most popular remodels."
Repairs and replacements of old components and the desire for upgraded amenities were cited as the top reasons for customers to hire a remodeler, according to a recent NAHB survey. The survey results describe the changes the remodeling market has undergone in recent years, such as the growth in whole house remodels after a dive in 2010.
ABOUT NAHB REMODELERS: NAHB Remodelers is America's home for professional remodelers, representing the more than 24,000 remodeling industry members of the National Association of Home Builders (NAHB). Founded in 1982, the organization provides information, education and designation programs to improve the business and construction expertise of its members and to enhance the professional image of the industry. Its membership incorporates 148 local councils in 45 states. Learn more about remodeling at nahb.org/remodel.
Follow NAHB Remodelers on Twitter: @NAHBRemodelers.
ABOUT NAHB: The National Association of Home Builders is a Washington-based trade association representing more than 140,000 members involved in home building, remodeling, multifamily construction, property management, subcontracting, design, housing finance, building product manufacturing and other aspects of residential and light commercial construction. NAHB is affiliated with 800 state and local home builders associations around the country. NAHB's builder members will construct about 80 percent of the new housing units projected for this year.
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