Business is booming


Make text smaller Make text larger



Photos





If you're thinking of remodeling your home, you've got plenty of company. The housing and remodeling industries are booming, according to a pair of reports out in mid-2017.

Home improvement and repair spending was healthy and stable growth was expected through the first half of 2018, according to the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.

According to the Center's Leading Indicator of Remodeling Activity (LIRA), annual increases in remodeling expenditures were expected to remain at or above 6 percent through the second quarter of 2018.

“The remodeling market continues to benefit from a stronger housing market and, in particular, solid gains in house prices, which are encouraging owners to make larger investments in their homes,” said Chris Herbert, managing director of the Joint Center for Housing Studies. “Yet, weak gains in home sales activity due to tight inventories in many parts of the country is constraining opportunities for more robust remodeling growth given that significant investments often occur around the time of a sale.”

LIRA did project that annual increases in remodeling expenditures will soften somewhat moving forward, according to a news release.

In a separate study, the Center declared the national housing market fully recovered from the depths of the housing crisis. “A decade after the onset of the Great Recession, the national housing market has, by many measures, returned to normal: housing demand, home prices, and construction volumes are all on the rise, and the number of distressed homeowners has fallen sharply,” the Center said in a news release announcing its “State of the Nation's Housing 2017” report. “However, high demand and tight supply are pushing up housing costs and adding to concerns about affordability.”

National home prices finally passed the pre-recession peak in 2016, according to the report, and prices were up in 97 of the nation's 100 largest metropolitan areas in 2016.

The report also had an optimistic outlook on the coming decade, projecting that housing demand will soar as both millennials and baby boomers age.



Make text smaller Make text larger

Comments

Pool Rules



MUST READ NEWS

Riverfest, coming July 28, celebrates our wild and scenic river
Spanning Main Street in Narrowsburg, N.Y., Riverfest is a music, art, and environmental festival that celebrates the wonders of the Delaware River and the ecology that supports...
Read more »
Image

Lacawac announces honorees for farm-to-plate awards dinner
Every year Lacawac Sanctuary Field Station and Environmental Education Center honor community members and those that have helped shaped Lacawac’s future.
Honorees will...

Read more »
Image

No excuse for border patrol officers' posts
While people may disagree on immigration policy, the American public with one voice should condemn the disturbing posts maligning migrants and Latino members of Congress that...
Read more »

Reporters enjoy a spectacular, soapy adventure at Bubble Babez
By DVE-News/TV
On a beautiful spring day, reporters from Delaware Valley Elementary School took a return trip to Bubble Babez to interview Ms. Nikki Davis once again. We were...

Read more »
Image

VIDEOS



Subscribe to our mailing list

* indicates required
Community Newspapers


Weather in Milford, PA