Apr 17 2008 1:28PM | Permalink | Email this | Comments (0) |
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I just returned from Harvard's Remodeling Futures Steering Committee spring meeting, and most of the news was pretty dismal (check future posts for some details from the presentations). Today wasn't any better, as the Harvard Joint Center for Housing Studies released its quarterly Leading Indicator for Remodeling Activity (LIRA). The LIRA states that homeowner spending for home improvement activity will decline by an annual rate of 4.8 percent through the end of 2008, a drop of 3.7 percentage points from last quarter's LIRA. The Joint Center points toward falling consumer confidence and a weakening economy as the top two reasons for the decline in remodeling spending.