Business is booming


Make text smaller Make text larger



Photos





If you're thinking of remodeling your home, you've got plenty of company. The housing and remodeling industries are booming, according to a pair of reports out in mid-2017.

Home improvement and repair spending was healthy and stable growth was expected through the first half of 2018, according to the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.

According to the Center's Leading Indicator of Remodeling Activity (LIRA), annual increases in remodeling expenditures were expected to remain at or above 6 percent through the second quarter of 2018.

“The remodeling market continues to benefit from a stronger housing market and, in particular, solid gains in house prices, which are encouraging owners to make larger investments in their homes,” said Chris Herbert, managing director of the Joint Center for Housing Studies. “Yet, weak gains in home sales activity due to tight inventories in many parts of the country is constraining opportunities for more robust remodeling growth given that significant investments often occur around the time of a sale.”

LIRA did project that annual increases in remodeling expenditures will soften somewhat moving forward, according to a news release.

In a separate study, the Center declared the national housing market fully recovered from the depths of the housing crisis. “A decade after the onset of the Great Recession, the national housing market has, by many measures, returned to normal: housing demand, home prices, and construction volumes are all on the rise, and the number of distressed homeowners has fallen sharply,” the Center said in a news release announcing its “State of the Nation's Housing 2017” report. “However, high demand and tight supply are pushing up housing costs and adding to concerns about affordability.”

National home prices finally passed the pre-recession peak in 2016, according to the report, and prices were up in 97 of the nation's 100 largest metropolitan areas in 2016.

The report also had an optimistic outlook on the coming decade, projecting that housing demand will soar as both millennials and baby boomers age.



Make text smaller Make text larger

Comments

Pool Rules



MUST READ NEWS

Paul Van Doran Memorial Fund will send two GHS seniors to Disney
The Paul Van Doran Memorial Fund was set up to help deserving Goshen High School seniors attend the annual trip to Disney, one of Paul’s favorite places. The fund managers...
Read more »
Image

County Health Commissioner celebrates National Nutrition Month at Warwick ShopRite
— Orange County Health Commissioner Dr. Irina Gelman recognized National Nutrition Month with the team of registered dietitians from...
Read more »
Image

Griffith Olivero Realtors and Panarelli Realty to merge
GOSHEN – Griffith Olivero Realtors and Panarelli Realty, two leading independent real estate brokerages serving Orange County, New York and the Greater Hudson Valley,...
Read more »

State Police at Monroe
March 11
A 63-year-old Chester man was charged with unlawful possession of marijuana, a violation, and released on an appearance...

Read more »

VIDEOS



Subscribe to our mailing list

* indicates required
Community Newspapers


Find more about Weather in Chester, NY