Remodeling market has regained its mojo, new report says

remodel home

remodel homeBy Kris Hudson | Wall Street Journal

The overall U.S. housing market still is struggling to hit its stride, but the remodeling market meanwhile has fully regained its mojo, according to a report released Thursday by the Harvard University Joint Center for Housing Studies.

Kermit Baker, director of the center’s remodeling futures program, forecasts that spending in the U.S. remodeling market will grow by 4% to 5% this year to at least $330 billion, spanning work on both owned homes and rentals. That’s a slower growth rate than in previous years of the recovery, but it would be enough to make 2015 the richest year for remodeling spending of the past 15, surpassing the previous high point of $324 billion in 2007.

“The market is largely recovered,” Mr. Baker said. “It will resume growth at its historical level, which has been (an average of ) just about 5% year over year for the past 30 years.”

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