Where’s the near term growth in housing going to come from? According to a new report by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, the growth will come from home improvement. According to the report, spending on home renovations will reach double digit growth increases in the first quarter of 2011.
“The recovery in home improvement activity appears to be moving beyond simple replacement projects and energy retrofits to broader remodels and upgrades,” says Kermit Baker, director of the Remodeling Futures Program at the Joint Center for Housing Studies. “A wider activity base would help generate the expected growth in the quarters ahead.”