Warroad, Minn., December 2, 2009 – Government reports are showing that spending on home improvement surged 8.7 percent in October as American homeowners respond to tax credits.
Marvin Windows and Doors has noticed the surge.
Data from the U.S. Commerce Department’s monthly construction spending index showed spending on home improvements at a seasonally adjusted annual rate of $114 billion in October – a jump of 8.7 percent from $104.9 billion in September. Meanwhile, spending on new, private residential construction crept up 1.1 percent to $136.3 billion, from $134.8 billion.
“We’ve definitely seen a greater emphasis on replacement and remodeling in our business,” said Susan Marvin, president of Marvin Windows and Doors, a premium manufacturer based in Warroad, Minn. “With more consumers staying in their existing homes, they’re interested in improving their homes to make them more efficient and better suit their lifestyle.
“The $1,500 federal tax credit for energy-efficient windows and doors has also boosted interest in replacement products,” Marvin said. “We’ve responded to this demand with some of the most innovative replacement and remodeling products on the market, including our Ultimate Casement Collection and fiberglass Infinity replacement windows and doors.”
For the year to date (January – October), statistics from the Commerce Department’s monthly construction spending index
¹ reinforce the finding that homeowners are devoting a much greater share of spending to home improvements vs. new construction.
Home improvement spending as a share of private residential construction spending jumped by 21.3 percent in the first 10 months of 2009 compared to last year, as homeowners devoted a larger proportion of their construction dollars to renovation and remodeling, rather than building new homes.
Recognizing this shift in consumer spending priorities, Marvin Windows and Doors is offering resources for consumers who may be considering a remodeling or renovation. At
www.marvin.com , homeowners can download a free, 20-page guide to window and door replacement; get tips from “TODAY Show” home expert Lou Manfredini in a series of informative videos and podcasts; and use an interactive assessment tool to determine their home improvement needs.
“We’re committed to offering products and resources that serve our customers’ needs, whether for a remodeling, replacement or new construction,” Susan Marvin said. “But right now, the heightened interest in remodeling and replacement has clearly gotten our attention.”
¹
http://www.census.gov/const/C30/privsa.pdf
About Marvin Windows and Doors
Marvin Windows and Doors brings its Built Around You® philosophy to life with every customer and every solution. A premier manufacturer of made-to-order wood and clad wood windows and doors, Marvin offers the industry’s most extensive selection of shapes, styles, sizes and options to fit the diverse needs of builders and match the personalities of homeowners.
Marvin’s tradition of delivering the finest craftsmanship in windows and doors began in Warroad, Minn., a small town just six miles from the Canadian border, where the privately-held, family-owned and operated company is still headquartered today.
