Remodels Surpass Pre-Crisis Levels

Recently we reported that home remodels are on the rise again. The Urban Economics Lab Index, a new index jointly produced by BuildZoom and the MIT Center for Real Estate is now say ing that not only has the remodeling of existing homes rebounded, it has surpassed pre-crisis levels with residential remodeling now accounting for $300 billion a year in business.

This extensive remodeling is a strong indicator of consumer confidence, yet is consistently overlooked in the emphasis on new construction.

According to the Index, new-home construction remains nearly 61 percent below its 2005 pre-crisis level while remodeling of existing homes has not only fully recovered, it has climbed 3.4 percent above its 2005 level

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