Home improvement industry anticipates strong growth for 2013
By Scott Murfey
Financial analysts have high hopes for the home improvement industry moving into 2013, according to a recent report from the Wall Street Journal. Notable growth in remodeling and construction spending over the last few months has led to the anticipation of still greater profits moving into the New Year. In addition, the National Association of Home Builders released a report in late October showing a five-point increase in the third quarter Remodeling Market Index – evidence of rising demand among consumers for remodeling and construction jobs.
These latest figures come after a report released earlier last month from Harvard’s Joint Center for Housing Studies suggesting the potential for double-digit home improvement spending increases over the first half of 2013. Based on the center’s LIRA (Leading Indicator of Remodeling Activity) projections, homeowners are expected to boost spending for an annual rate increase from $115.1 billion to $134.2 billion. The LIRA data is derived from analysis of combined indicators including “housing starts, pending home sales, residential remodeling employment figures” and other consumer trends – and spells good news for those in the home construction and remodeling industry.
But what do these numbers mean for homeowners?
Stay current and spruce up your space with home improvements for the New Year
Rising consumer interest in home remodeling and construction projects carries a number of possible implications for homeowners. For some, remodeling is an alternative to move-up real estate purchases; for others, it is a means of preparing a current home for sale. But on both ends of the spectrum, increased home improvement spending signals rising optimism among homeowners nationwide – optimism that stands to benefit the economy, reinvigorate the home building industry and add value to local real estate markets.
Whether you fall into the settled homeowner category or plan to make 2013 the year you finally spring for a new home, now is the perfect time to start planning your remodeling agenda. Seize the opportunity to finish a quick spruce-up job before the holidays, or start preparing now for bigger jobs that can be completed without interruption after the New Year.
From bathrooms and kitchens to add-ons, backyards and technological upgrades, Murfey Construction is the ideal choice for home remodeling in La Jolla. We offer a range of services customized to suit your needs, all while providing exceptional quality, experience and customer service to San Diego homeowners. To learn more, or to schedule a consultation to discuss your next remodeling project, contact us online today. Visit www.murfeyconstruction.com.
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