Annual remodeling spending gains are projected to peak at 8.3 percent, in the third quarter of 2017, with spending totaling $322.1 billion year-over-year, according to the Joint Center for Housing Studies of Harvard University.
Spending should continue to increase to $326.5 billion in the third quarter of 2017, per Harvard’s Leading Indicator of Remodeling Activity, but the annual rate of change will decrease to 7.5 percent.
“Homeowner remodeling activity continues to be encouraged by rising home values and tightening for-sale inventories in many markets across the country,” said Chris Herbert, managing director of the Joint Center, in a statement. “Yet, a recent slowdown in the expansion of single family homebuilding and existing home sales could pull remodeling growth off its peak by the second half of 2017.”
Meanwhile, remodeling spending in the third quarter of 2016 totaled 303.7 billion, a 6.6 percent annual rate of change, compared with 297.2 billion and an annual rate of change of 5.7 percent in the second quarter.
