The Joint Center for Housing Studies at Harvard has released a report showing that the remodeling industry is beginning to recover from the worst economic downturn since the 1960s.
Homeowners who deferred maintenance and improvements during the recession may soon start to spend more freely. Lower household mobility in the wake of the housing market crash could also mean that homeowners will focus on upgrades with longer paybacks, particularly energy-efficient retrofits. The industry is also beginning to benefit from spending on the rehabilitation of foreclosed properties.