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You may know that Team Sedenquist just finished another remodel on our own home. We had fun picking beautiful materials, worked with a great contractor, and are just delighted with the results. The project was crazy expensive if you consider a dollars per square foot cost, or at least we thought it was until I read this...
Home improvement spending is expected to grow at a slower pace for the remainder of 2007, following three years of double-digit growth, according to a recent report from Harvard University's Joint Center for Housing Studies. The Center last week released a new leading indicator for the remodeling industry that is designed to estimate national remodeling activity for the coming three quarters. The new index, called the Leading Indicator for Remodeling Activity (LIRA), projects home improvement spending to grow 3.6 percent for the remainder of 2007, with home improvement expenditures totaling $191.4 billion.
So let’s see, $191.4 billion spent on remodels in 2007 divided by the total population of the United States (301,785,361 as of 5-7-07)... let’s see, that is... amazing!
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