Remodeling Spending At All-Time High
Americans spent an estimated $210 billion on residential remodeling in 2005, according to the National Association of Home Builders' analysis of recently released third-quarter remodeling spending from the U.S. Census Bureau. In addition, the NAHB Remodelors™ Council forecasts the largest increase in spending in 2006 in more than 10 years to a record $238 billion, a 13.2 percent jump. The association attributes the record numbers to the 2005 hurricanes, owner equity and low refinance rates, and the rebound in the rental market.
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