Industry News: Home Remodeling Set to Increase in 2011 with Custom Cabinets Taking the Lead
If you been waiting for some better economic news before remodeling your new kitchen with custom cabinets and new appliances, the timing may be right.
According to the Remodeling Futures Program at Harvard’s Joint Center for Housing Studies, the Leading Indicator of Remodeling Activity (LIRA) shows that remodeling will continue on the upswing.
“A recovering economy should stabilize house prices and consumer confidence levels, encouraging homeowners to reinvest in their homes and undertake deferred repairs and replacements,” said Eric S. Belsky, managing director of the Joint Center for Housing Studies.
The LIRA, prepared quarterly by the Remodeling Futures Program, estimates national homeowner spending on improvements in the current quarter and three subsequent quarters. LIRA findings are based on eight major indicators that strongly correlate to remodeling spending – including shipments of building materials (Census), the Pending Home Sales Index (National Association of Realtors), the Remodeling Market Index (future business expectations, the National Association of Home Builders), and the 30-year Treasury Bond yields (Federal Reserve Board).
“It looks like spending will pick up on an annual basis at the end of this year and will accelerate as we move through 2011,” says Kermit Baker, director of the Remodeling Futures Program.
Another report, U.S. Remodeling Sentiment Report by Remodelormove.com shows that after a year of steady remodeling declines in 2009, the interest in remodeling stabilized in 2010. However, their reports suggests that the size and scope of the remodeling projects are much smaller when compared to 2007/2008.
However, the report is not all bad. While the size and number of remodels is down, interest from homeowners who are in a position to remodel, indicated that their initiative was strong and their taste for higher-end designs and expensive materials remains.
More than 12 percent of respondents reported that they plan to use expensive materials in their remodel; almost 50 percent reported that they are excited to start their remodeling project; and 84 percent plan to start in the next 12 months.
For a homeowner looking to remodel their kitchen, the timing couldn’t be better as direct buy manufacturers such as Crossroads Custom Cabinetry offer some of the lowest custom cabinetry costs in recent history. These lower costs are associated with their factory direct business model that was born out of the recession.
If you are a home improvement professional, architect, designer, remodeler, contractor, or builder, Crossroads invites you to consider Crossroads Professional Network Program as the best avenue available today to empower your business to be on the front end of this expected upturn.
If you are a homeowner or home improvement professional, then start Your Kitchen Remodeling Project Right Here at Webinetry.com.
View the Leading Indicator of Remodeling Activity Report