A stronger housing market is creating increased spending on home improvements, according to the Leading Indicator of Remodeling Activity from Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. LIRA reports that there have been improving market conditions for remodeling for the past four quarters and that there is strength in future market indicators. LIRA projects continued strengthening into the first quarter of 2014.
"Consumer confidence scores are back to pre-recession levels, and since recent homebuyers are traditionally the most active in the home improvement market, the growth in sales of existing homes is providing more opportunities for these improvement projects," said Eric S. Belsky, managing director of the Joint Center, in a statement.
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