While the U.S. housing market continues to recover in fits and starts, the home improvement industry is on a roll, according to a new report from the Joint Center for Housing Studies of Harvard University.
The researchers found that strong demand for remodeling could push spending on home improvement to record levels this year, even as the pace of new residential construction remains well below prebust levels.
The improvement boom comes as many would-be trade-up buyers have decided to stay put and fix up or expand their existing homes, the researchers said. Federal and state subsidies for energy-efficient upgrades have also helped. And landlords looking to find new tenants or raise rents have spruced up rental properties.