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Report Shows Remodeling Increased in Second Quarter
RemodelorMove.com's Remodeling Activity Report contradicits other measurements
News Release
September 30, 2009
HousingZone
RemodelorMove.com's U.S. Remodeling Activity Report, a sampling of remodeling permits in the U.S., was issued on Sept. 30th for the second quarter 2009, revealing an increase in remodeling activity in certain regions of the U.S. for the first time in more than a year. According to RemodelorMove.com's Remodeling Activity Report, the value of remodeling projects in the U.S. increased in the second quarter over the first quarter of 2009. The size of these projects is the most notable change — the average expenditure by homeowners in the sampled regions for permitted remodeling projects was more than 20 percent greater than spent in the same quarter of both 2007 and 2008.
The report's authors said, "This increased activity was not surprising, however, as predicted by the Spring 2009 Remodeling Sentiment Report, which reported a 5 percent increase in the number of homeowners who reported they were likely to remodel in the next 12 months."
According to research, recent government stimulus packages, rebates for energy efficient remodels and steep reductions in overall remodeling costs have encouraged many homeowners to begin remodeling projects in the second quarter of 2009 that were previously on hold.
According to the report, the Northeast and Southwest regions of the U.S. show the most signs of improvement in remodeling expenditures during the second quarter of 2009 compared to the same quarter in 2008. The rest of the country has yet to see much of a recovery, while remodeling in the Southeast remains in decline.
The release of RemodelorMove.com's forward-looking Remodeling Sentiment Report next month will provide additional insight on the strength and duration of the economic recovery as it relates to the U.S. home remodeling market through the end of 2009 and 2010.
© 2009, Reed Business Information, a division of Reed Elsevier Inc. All Rights Reserved.