Mar
23

Remodeling Industry Alive Around Chicagoland

March 23, 2012

Chicago real estate owners may not be moving in droves, but they sure are renovating: Cook County has the second-highest total estimated spending on home remodeling in the country.

According to the National Association of Home Builders (NAHB), residents of Cook County spend $4.1 billion a year in total county remodeling expenditures.

wall covered in a rainbow of colorsThe average value across all counties nationwide for total remodeling expenditure per year is $66 million.

The only county to record more than Cook is the West region’s Los Angeles County in California at $8.4 billion. Nassau County in New York led the Northeast with $1.9 billion and Miami-Dade County in Florida led the South with $1.7 billion.

Of the top five counties in the Midwest with the highest total estimated spending on home remodeling, DuPage County in Illinois ranked fifth at $881 million.

“Nationally, we’re forecasting a continued increase in the demand for residential repairs and improvements,” said NAHB Chief Economist David Crowe. “Based on our analysis of the remodeling spending numbers, we are able to identify areas of the country where our members can take advantage of this growing opportunity. The county estimates also include useful information on the local conditions that influence remodeling spending—particularly the number, age and value of owner-occupied homes.”

The NAHB also broke down remodeling spending by homes and found that the average amount spent on remodeling projects per household nationwide is $1,907.

In the Midwest, Cook County led all counties in that category as well with an average per home spending of $3,466.

The leading counties in the three other regions were higher, however:

*Northeast: Nantucket County, Mass., $8,520

*West: Marin County, Calif., $7,782

*South: Falls Church City, Va., $6,099

Three northern Illinois counties topped the Midwest list of counties with the highest estimated spending per owner-occupied home:

1. Cook County, Illinois – $3,466

2. DuPage County, Illinois – $3,451

3. Lake County, Illinois – $3,415

4. Hennepin County, Minnesota – $3,268

5. Leelanau County, Michigan – $3,181

“Residential remodeling is one of the housing industry’s bright spots, and in some parts of the country this is more true now than ever,” said NAHB Remodelers Chairman George “Geep” Moore Jr., GMB, CAPS, GMR.

“The level of remodeling activity varies by region and town, but homeowners throughout the country are increasingly choosing to renovate their homes or build additions to meet their changing lifestyles.”

Want to see where your county falls? Visit nahb.org.

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