Residential Remodeling Market to Experience Modest Growth in 2015

January 22nd, 2015 by Editor

Residential remodeling is on the up-and-up—if only a little bit.

The sector is set for modest growth in 2015, according to experts at a press conference hosted by the National Association of Home Builders (NAHB) Remodelers at the International Builders’ Show (IBS). Remodelers appearing on the panel agreed with the forecast, citing home owners’ changing demographics and increased financial security.

NAHB projects that residential remodeling spending on owner-occupied single-family homes will increase a modest 3 percent in 2015 over 2014, and another 1.5 percent in 2016.

“Among our clientele, a demographic shift toward remodeling urban homes is taking place,” said Mike Nagel, a remodeler from Chicago. “Our recent jobs tend to be in the city and the projects have increased in size.”

“Existing homes sales and house prices both hit soft spots in 2014 that dealt a glancing blow to residential remodeling businesses,” said Paul Emrath, NAHB’s vice president for survey and housing policy research. “We expect those drags are behind us in 2015, an outlook consistent with the optimism expressed by remodeler members in our recent Remodeling Market Index survey.”

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