Houzz has released its 2017 State of the Industry report on home renovation and design businesses. “Based on some estimates, residential remodeling activity in 2016 surpassed the pre-recession peak, and by far outpaced the recovery of the new residential construction sector,” says Nino Sitchinava, principal economist at Houzz. “Several market fundamentals propelled this expansion, including aging housing stock, recovered home prices, homeownership and home buying concentrated in older and more established households, and finally a massive Baby Boomer population planning retirement in current homes, among others.”
Sitchinava continues, “Houzz research finds that the steady growth of the residential remodeling spend is driven by homeowners tackling multiple projects at a time, embarking on projects with a large scope, and/or installing high-end finishes. This trend is likely continue into 2017.”
Read the full report.