After doing just enough to maintain their homes in the wake of the Great Recession, Americans are starting to ramp up spending on backyard decks, spa-like bathrooms and other vanity improvements.
The amount people spend on home remodeling and repair is anticipated to hit $325 billion this year for the first time since 2007, according to the Harvard Joint Center for Housing Studies. Hanley Wood, a marketing services company that owns real estate design and construction publications, including Remodeling magazine, offers a similar outlook, predicting the industry will fully recover this summer following 12 straight quarters of steady growth.
"The forecast looks very bright for the remodeling market," says Tobias Morrison, national sales manager for Hanley Wood. "Thanks to rising consumer confidence, an improved economy and an aging housing stock, we anticipate that the remodeling market will continue to improve steadily over the next several quarters."
Read more: http://www.bankrate.com/finance/real-estate/home-improvement-hot-spots-whos-rebuilding.aspx#ixzz3lAWJiuvz
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