Remodels Resurface

The Urban Economics Lab Index is reporting that remodeling of existing homes has not only bounced back but has exceeded pre-housing crisis levels. Currently the residential remodeling business is estimated to exceed $300 billion per year.

New home construction remains nearly 61 percent below its 2005 pre-crisis level while remodeling of existing homes is now 3.4 percent above the 2005 level.

The rise in remodeling is generally seen by analysts as a positive indicator of consumer confidence, a more robust economy, and an belief in the value of real estate as a sound investment.

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