Get Our Email Newsletter

Residential remodeling spending continues to gradually grow

istock.com/Sinenkiy

LAS VEGAS — Spending on residential improvements will continue to grow over the next two years at a gradual pace, according to experts at a press conference hosted by the National Association of Home Builders (NAHB) Remodelers during the International Builders’ Show in Las Vegas. Professional remodelers from across the country agreed with the forecast, citing increased consumer confidence and demand.

NAHB predicts that remodeling spending for owner-occupied single-family homes will increase 1.6% in 2019 and another 1.1% in 2020.

“Remodeler confidence continues to remain at a high level, as remodeling spending reached $172 billion in 2018,” said 2018 NAHB Remodelers Chair Joanne Theunissen, CGP, CGR, a remodeler from Mt. Pleasant, Mich. “Although there is steady consumer demand in all areas of the country, the biggest challenges continue to be the costs of labor and materials to meet the interest.”

LBM Resources

White Paper: Combat Industry Disruptors with Data

LBM dealers and distributors must become data driven and analytics savvy. Here's how to transform your business to be analytics and customer focused.

“We’re not only seeing more requests for proposals, but more home owners are choosing to incorporate aging-in-place design into their homes,” said Thomas Ashley, Jr., CAPS, CGP, CGR, a remodeler from Denham Springs, La. “The older housing stock combined with aging home owners allow growth in that sector of the market.”

“NAHB estimates that real spending on home improvements will continue to grow but at a slow place of about 1.6 percent in 2019,” said Danushka Nanayakkara-Skillington, NAHB’s Assistant Vice President for Forecasting and Analysis. “Factors prohibiting stronger growth include the ongoing labor shortage and rising material prices.”

Get our free newsletter

Join thousands of other lumber and building material industry leaders and keep up with the companies, people, products and issues shaping the industry.

What's New

Digital Partners

Become a digital partner ...

Sales Comp Study

Download this 55-page, in-depth study by LBM Journal of industry trends in sales force compensation and benefits. See how your organization stacks up.

Webinars

- Advertisement -

White Papers

View all ...

- Advertisement -

Partner Content

View all ...

- Advertisement -