The Home Improvement Market

Americans spent $275 billion in 2011 on home improvements and repairs, according to the Joint Center for Housing Studies of Harvard University. While this figure is still below the $328 billion peak of 2007, a recent report by the Joint Center forecasts a rebound in home improvement spending for a number of reasons including the following...

• the upgrading of more than 4.2 million distressed homes sold between 2009 and 2012
• the upgrading of 2.9 million homes currently in or at serious risk of foreclosure
• the upgrading of rental properties due to growing demand for rental units
• the upgrading of homes to be more energy efficient, a factor that accounted for one-third of home improvement spending and one-fourth of home improvement projects in 2011
• the growth of the 65-plus population, requiring retrofits to enable aging in place

Source: Joint Center for Housing Studies of Harvard University, The U.S. Housing Stock: Ready for Renewal