Remodeling on the up, with a focus on kitchen and bath
Las Vegas -- Experts gave the national remodeling market a vote of confidence at a press conference hosted by The National Association of Home Builders (NAHB) Remodelers at the International Builders' Show on Tuesday, citing an increased focus on kitchen and bath upgrades.
According to the speakers, residential remodeling is maintaining its steady trajectory toward a recovery, a sentiment that was backed up by NAHB calculations and the lived experiences of remodelers in attendance.
The NAHB expects residential remodeling spending on owner-occupied single-family homes to increase 2.5% in 2014, as well as an additional 1.8% in 2015.
"Remodelers are regaining confidence in the market as home owners continue to upgrade their homes and make repairs or replacements that were deferred during tough times," said 2014 NAHB Remodelers chairman Paul Sullivan. "NAHB Remodelers looks forward to working in a strengthened market as home sales rise."
Paul Emrath, VP survey and housing research, added that NAHB is predicting steady growth over the next two years based on positive findings from its recent Remodeling Market Index (RMI) survey.
The findings suggest that remodeling is rebounding as a whole as home equity levels increase, with a particular focus on kitchen and bath. Most customers who hired a remodeler cited the need to repair and replace old components and the desire to upgrade amenities.