The past year has been painful for most of us. Loss of work, loss of life, isolation, uncertainty, and intense concern and doubt has unfortunately become a more 'normal' state of being than not. For many, our basic way of life, the way we live and function in our homes has irreparably changed. The need for more space, or better functioning space, or 'no-touch' functionality have become necessities.
Many professionals in the remodeling industry, especially in the Southeast, never really stopped working (unless voluntarily). The pace of projects slowed down, certainly, as trades and subcontractor crews were scheduled one at the time and COVID protocols were instituted on job sites. According to the Joint Center for Housing Studies (JCHS) at Harvard University, while the US economy shrank by 3.5% in 2020, spending on home improvements and repairs grew more than 3%. An increase in renters-turned-buyers and urban-dwellers searching out homes in smaller, more suburban settings has started a new cycle of home improvement projects. (Read the entire JCHS article here.)
According to the most recent Leading Indicator of Remodeling Activity (LIRA) report, annual gains in spending for improvements to owner-occupied homes are expected to be modestly higher in 2021 compared to last year. “The remodeling market continues to benefit from a strong housing market—including accelerating growth in homebuilding, sales, and home equity,” says Chris Herbert, Managing Director of the JCHS. “In addition to routine replacement and repair projects, homeowners are likely to pursue more and larger discretionary home improvements this year as the broader economy recovers.” Continue reading...
Don't be discouraged if you have a meeting with a contractor you want to hire, and they tell you they can start "in a month or two." The remodeling industry is prospering and that is good for consumers. Busy contractors are experienced contractors and experience is worth waiting for.
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