The latest LIRA (Leading Indicator of Remodeling Activity) report is optimistic about the growth of remodeling in the U.S. That’s good news for home buyers and seller, and the remodeling industry in general. The LIRA report is the study of national homeowner spending on improvements by the Joint Center for Housing Studies of Harvard University.
The director of the Remodeling Futures Program at the Joint Center, Eric S. Belsky says “Warm weather in the first quarter temporarily bumped up remodeling activity in many areas.” The LIRA suggests that annual homeowner improvement spending may reach double-digit growth by the end of the first quarter of 2013. Sales are picking up and contractors are seeing more positive business conditions in the future. The past three year tell a different story but with the combination of low financing costs and stronger consumer confidence, the future is brighter than it’s been for a while.
This optimism is encouraging homeowners to start working on their bucket list of upgrades and repairs they’ve been putting off, which may help to grow the interest in remodeling at a slow, but steady pace. We can only hope.