Remodeling Industry Continues To Recover, According to Harvard Study
According to a new study recently released by Harvard University's Joint Center for Housing Studies, the slow recovery of the home remodeling industry is expected to continue, but that the recovery process could take a while.
After the housing market was hit by the recession in 2008, secondary industries (like the home remodeling business) were also impacted quite severely. However, unlike the housing market, which has regained health quite suddenly in the past couple of years, the remodeling business is expected to continue its slow trajectory of recovery throughout 2015.
The Harvard study used an algorithm called the Leading Indicator of Remodeling Activity (LIRA) which calculated the numbers of remodeling projects, along with homeowner spending habits on remodeling projects, in order ...