Homeowners Renovating More, Moving Less

by Shilpi Paul

Homeowners Renovating More, Moving Less: Figure 1
Courtesy of The Wall Street Journal

For the first time in years, homeowners have increased the money that they are putting toward renovations, reported The Wall Street Journal this morning.

Home renovation spending increased (by 3.3 percent) in 2011, the first uptick since 2006. While owners are generally shying away from major projects like additions, they are landscaping, buying new kitchen cabinets or installing new lighting, willing to spend a little after a few years of general austerity.

From The WSJ:

“People are remodeling instead of moving,” said David Crowe, chief economist at the National Association of Home Builders.

The rise in home-improvement spending comes as the economy and consumer confidence are picking up. It is giving the construction industry an outsize boost because new home building—which normally accounts for more than half the market by dollar value—remains severely depressed by historical standards.

See other articles related to: the wall street journal, renovation financing, renovation

This article originally published at http://dc.urbanturf.com/articles/blog/homeowners_renovating_more_moving_less/4960

1 Comment

  1. Capital Housecraft said at 7:55 pm on Friday January 20, 2012:
    With the uncertainty of the market and job security it's better to stay put and find a trusted contractor! You would be amazed about what you can do with any size or shape space. www.capitalhousecraft.com

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