Survey Says: Home Renovations Are Heating Up

Survey Says: Home Renovations Are Heating Up

If you're like most Americans, big-ticket home renovation projects probably took a back seat during the economic downturn.

But now—more than seven years post-recession—those reno plans seem to be finally back on the table.

Builders, designers, architects and landscapers all report a big boost in business during the first three months of 2015, compared to the last quarter of 2014, according to the latest Houzz Renovation Barometer data.

Learnvest

Get started with a free financial assessment.

What's more, these professions are increasingly optimistic about sales this spring as well—with 82% of designers and renovation workers, and 86% of landscapers, expressing strong confidence in business activity over the next few months.

And a separate report from the Joint Centers for Housing Studies of Harvard University found that the remodeling industry is set to see record spending throughout 2015.

So why are homeowners finally ready to ramp up their renovations?

While the study doesn't say exactly, Houzz suggests that it's likely a combination of the recovering market and growing consumer confidence—along with the standard annual increase in home projects come spring.

Plus, the popularity of recent home improvement shows has likely further contributed to keeping remodelers busy.

As for which industries saw the biggest jump in business, it's probably no surprise that landscape/outdoor specialities led the pack with a 26% gain over last quarter, thanks to warming weather. Architects and general contractors also performed well in the Houzz report, with an 11% to 15% boost, while designers saw more moderate gains of 3% to 6%.

Eager to make improvements to your own abode? Find out which popular spring renovation projects are really worth your cash.

Learnvest

Financial planning made simple.

Get your free financial assessment.

Related Tags

Get the latest in your inbox.

Subscription failed!

You're Now Subscribed!