Remodeling Market Is Strong
Many homeowners are remodeling in order to increase energy efficiency, while others capitalized on tax credits for new appliances and other energy saving improvements. Yet another reason Americans are remodeling is to add space for live-in relatives such as grown children or aging parents. The strong market for both new construction and remodeling of existing homes can be clearly seen in the financial results of home improvement chains Home Depot and Lowe’s.
Remodeling skyrocketed during the Coronavirus pandemic of 2020, as some people following stay-at-home orders caught up on long-desired projects and others added dedicated work-at-home space. Many cost-conscious consumers are in do-it-yourself (DIY) mode. In particular, younger homeowners are keen on DIY. One interesting result is that the short-term rental of construction tools and equipment has grown. As America’s Baby Boomers age, investments in remodeling for easier access for seniors will boom. Features such as wider doors for wheelchair access, firm handholds in bathrooms and better kitchen accessibility will be a focus. “Universal Design,” a concept that focuses on ease of use by residents of limited physical ability, will grow.
For everything you need to know about the global Real Estate & Construction Industry sector, see:
Plunkett’s Real Estate & Construction Industry Almanac 2020
Available to Plunkett Research Online subscribers
See more information about the online edition here.
Also available in Almanac Editions.
Publication Date: June 2020 | Price: $379.99
Printed ISBN: 978-1-62831-532-5
eBook ISBN: 978-1-62831-877-7
See the complete listings of book contents and details here.