Remake/Remodel
The most popular specialty remodeling project: Aging in place.
More than 41 percent of contractors reported an increase in revenue from aging in place projects, according to the Joint Center for Housing Studies of Harvard University. The study also indicated that remodeling is only gaining in popularity among homeowners 55 and older. Among those 35 to 54, who used to dominate the remodeling market a decade ago, and those under 35, home remodeling is dropping. The JCHS predicts that trendline will continue for another decade.
The second and third most popular specialty projects have been gaining steam for some time: Energy efficiency and home automation are becoming more popular among homeowners. One-third of owners reporting projects to the JCHS remodeling report said energy efficiency was a motivation for their expenditures.
“Ongoing concerns about environmental issues have also boosted demand for sustainable home improvements, including projects that improve water conservation and that use products that are rapidly renewable or recycled/reclaimed,” the report says.
Many remodelers report that home automation is the fastest-growing project area. According to the report: “While the housing industry has tried to make homes more connected for decades, home automation products are finally catching on with consumers. Wireless technology has made it easier for households to manage smart devices in their homes, and growing consumer interest coupled with increased competition has served to lower prices.”
Outdoor living (see p. 24 for more on that), like the addition of decks, porches and patios, is also an increasingly popular project, followed by multigenerational housing.
There is an overall growth in the home remodeling industry, caused by owners spending more, not more owners spending. The average owner is spending nearly $3,000, which is about $300 less than the peak of remodeling expenditures in 2007. However, only 30 percent of homeowners are reporting any spending at all—a figure that has remained steady for more than two decades.
