Growth in home improvement and repair expenditures is expected to reach 8 percent in 2017, according to the Leading Indicator of Remodeling Activity from the Joint Center for Housing Studies of Harvard University.
The 8 percent rate of change is “well in excess” of the 4.9 percent recorded at the beginning of 2016, and the data predicts $314.5 billion in annual spending in the beginning of 2017, compared with $291.2 billion in the beginning of 2016.
“A healthier housing market, with rising house prices and increased sales activity, should translate into bigger gains for remodeling this year and next,” said Chris Herbert, managing director of the Joint Center, in a statement. “As more homeowners are enticed to list their properties, we can expect increased remodeling and repair in preparation for sales, coupled with spending by the new owners who are looking to customize their homes to fit their needs.”
