Fremont, CA, January 3, 2017 (Newswire.com) - Remodeling spending has been increasing in the last half of 2016, and according to an October survey from the Joint Center for Housing Studies at Harvard University, it’s expected to jump by 8.3% by the second quarter of 2017, up from 5.7% growth in the same period in 2016. While the first two quarters of 2016 were much slower for home remodel spending, two types of projects remained in outstandingly positive territory during these slower times, and they were kitchen and bathroom remodels.
Kitchen and bathroom remodels are still the best bet for designers and homeowners even in slow markets, but the home remodel industry is set to recover from a relatively slower 2016 in the coming months. The latest Leading Indicator of Remodeling Activity (LIRA) reading from the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University (JCHS) indicates that the industry can expect accelerations in market growth in 2017 with "above-average gains" in home renovation, remodeling and repair. This growth is projected to come “close to full recovery" by mid-2017.
However, this forecast is somewhat lower than the initial projection the Joint Center for Housing Studies of Harvard University provided in April, which foresaw growth climbing to 8.6 percent by the end of 2016 and hitting 9.7 percent during the first quarter of 2017. Additionally, it should be noted that growth is expected to be stronger in home repairs and smaller, DIY homeowner projects, which is good news for suppliers, but less so for designers, renovators and remodel contractors.
However, that doesn’t mean that designers are out of the picture for remodel projects in 2017. With a surge in interest and demand for remodels, certified interior designers have the opportunity to turn the tide to their advantage, providing expert consultation as homeowners decide on which remodel projects to take on, and how to achieve the best results. One of the reasons the remodel industry is trending is that more people are purchasing homes that require a little extra work to get to ideal living conditions. But the remodel trend is also being bucked by a projected increase in disposable income for 2017.
This means that certified interior designers focusing on updating old spaces and providing efficient and modern design will have the opportunity to utilize a range of skills in the 2017 remodel market. Other remodel trends such as kitchen and bath remodels, aging in place and universal design will remain popular and in demand for certified interior designers.
However, the previous tenacity shown in the demand for kitchen and bath remodels should be an excellent indicator that specializing in this area can be advantageous both in times of high and low demand. Brad Hunter, chief economist with HomeAdvisor, remarked that kitchen and bath remodels continue to be the most popular with homeowners, and that more homeowners are now taking on multiple projects, such as remodeling both the kitchen and the bath at the same time.
As remodel demand increases in the New Year, the need for designers and contractors will increase as well. As we approach the beginning of 2017, be sure to develop and renew contacts and networks with other professionals in the design and construction industries in order to best collaborate during what could be a busy season in the new year.
Source: California Legislative Coalition For Interior Design
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