Homeowner Improvement Spending Is Poised for Solid Growth

In many parts of the country, housing prices are back to pre-recession levels. As a result, remodeling activities including home improvements, maintenance and repairs are also on the rise. According to a recent study by Harvard University’s Joint Center for Housing Studies, homeowner improvement spending is poised for healthy growth and is expected to rise from $243 billion in 2015 to $269 billion by 2020, a $26 billion increase in just five years. We talked with industry experts about the remodeling outlook and the role product manufacturers play in fueling this spark.

The importance of quality upgrades in larger remodeling projects

Now that homeowner equity has more than doubled in four years, homeowners are increasing their discretionary project spending to attain their dream home. Brad Hunter, chief economist at HomeAdvisor, discusses why product manufacturers need to highlight how quality upgrades can boost homeowners’ standard of living.

Bridging a deeper partnership between design pros and manufacturers 

As the home improvement and remodeling industries continue to grow, the importance placed on partnerships between product manufacturers and design professionals will also increase. What’s one major way manufacturers can meet the needs of design pros? Service that goes above and beyond. Wray Ward's director of insights, Leslie Gillock, dives into the meaning of quality service and how manufacturers should proceed.

Get more home industry insights.

You might also be interested in:

Millennials Look to Online Home Service Platforms

How Home and Building Brands Can Reach Boomers

Millennials Shaping the Housing Market

View More Articles: