Chicago New Home Remodeling Will Make a Comeback in 2013

October 30, 2012

chicago new homes remodelingDo you have any major remodeling projects planned for your Chicago new home?

Harvard’s Joint Center for Housing studies recently predicted that home improvement spending will see double-digit growth in the first half of 2013. By the second quarter of next year, homeowner spending on remodeling is expected to rise from its current annual rate of $115.1 billion to $134.2 billion by the second quarter of next year.

The Center for Housing predicts remodeling rates based on the following factors: housing starts, pending home sales, remodeling employment rates and statistics on the number of household products and materials ordered by suppliers and manufacturers.

The National Association Association of Home Builders Remodeling Index has also increased and reached a level of 50, which means that remodelers are seeing more business than earlier in 2012.

Both Lowe’s and Home Depot have also experienced high revenue growth in recent years. Lowe’s gross earnings in 2012 are at $50.21 billion and Home Depot has gross earnings of $70.4 billion. In spite of the recession, both home improvement stores have fared extremely well.

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