Remodeling Spending Rose 11% in 2012
Following declines in 2007-2010, remodeling spending reached $126.3 billion in 2012, the highest level since 2007.
Following lackluster growth in 2011, and declines each year from 2007-2010, spending for residential remodeling/improvement work soared 10.8 percent during 2012.
The U.S. Commerce Department estimates home improvement spending throughout the nation totaled $126.3 billion in 2012, up from $114.0 billion in 2011. This was the strongest spending level recorded for this critical component of the residential sector since 2007.
Remodeling spending, which has historically exhibited much less volatility than new construction spending, held up relatively well during the Great Recession. From peak-to-trough, residential improvement spending declined 23 percent. This was in dramatic contrast to the 75.7 percent peak-to-trough plunge in spending for new single-family homes during the recent economic downturn.
Leading indicators point to the prospect of continued improvement in residential remodeling spending throughout at least the next 12 months.
Click here for a look at remodeling spending trends over the past decade.
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