All About the Remodeling Industry
Courtesy of the NAHB Remodelers Council
How is the remodeling market outlook?
Americans spent $152.5 billion on improvements to owner-occupied units in 2017. NAHB’s remodeling forecast expects these expenditures to increase gradually as the broader housing market recovers. Beyond general recovery in the housing market, key factors driving increases in remodeling expenditures will include: preparing homes for re-sale, adding ‘finishing touches’ to a newly purchased home, the aging housing stock, needed aging in place remodeling work, and increasing interest in improving home efficiency and green remodeling.
According to the 2017 Joint Center for Housing Survey Studies of Harvard University, households under the age of 35 account for 8.3 percent of the money spent by home owners on professional remodeling jobs. Home owners between the ages of 35 and 54 account for 40.1 percent, home owners 55 and older account for 51.6 percent.
What are the most popular remodeling jobs?
According to NAHB surveys, the top jobs ordered by popularity are:
- Bathroom remodeling
- Kitchen remodeling
- Windows/doors replacement
- Whole house remodeling
- Room additions
- Repairing property damage
- Finished basement
- Handyman services
- Enclosed/added porch
Measuring the Industry
In addition to benefitting those who live in remodeled homes, remodeling also has the ability to stimulate the U.S. economy. The latest estimates released by NAHB demonstrate that for every $100,000 spent on home remodeling in the U.S., $48,000 in wages and salaries are generated. This translates to job creation of nine tenths of a full time job or enough work to keep one person employed for 47 weeks of a year.
Who are remodelers?
According to NAHB’s latest member census, a typical residential remodeler has an average of 8 employees and has a median dollar volume of $771,829 million per year. Seven percent are female and 44 percent have completed college or have an advanced degree.
To find a qualified, local remodeler or supplier, check out the SAHBA Remodelers Council, here. For more information on remodeling, visit nahb.org/remodel or contact Kristin LeMunyon at 202-266-8451 or firstname.lastname@example.org.« Back