Home remodelling activity increasing
Remodeling spending increases as renovations are on the rise. Source: Metro Editorial, February 2015.
In the not-so-distant past, home improvement projects all but came to a halt, as homeowners were wary of investing money in fixer-uppers. But the tides have changed and homeowners are again ready to invest big dollars in home renovations. Renewed confidence in the North American economy and a generally healthy real estate market have contributed to new remodeling activity. According to the National Association of Home Builders in the United States, as of November 2014, a greater number of remodelers reported higher business activity than during the previous quarter. Remodeling spending has been gradually climbing from the alltime low it reached in 2009. Americans are not the only ones increasing their home spending. According to reports released by Moneris Solutions Corporation, Canada’s largest credit and debit card processor, purchases at home improvement stores in 2015 rose by 8.49 percent over the same period last year, and spending on plumbing and heating equipment and electrical contractors climbed by 5.14 percent and 5.08 percent, respectively. Spending patterns indicate that homeowners are investing in DIY projects as well as seeking specialized work provided by professional contractors. Now is a good time for the real estate and home improvement sectors, as homeowners have renewed their determination to carry out home renovations, both to increase comfort in their homes and make their homes more buyer-friendly.