Between the rising real estate values in Central Florida and the tightening for-sale inventories, 2016 was a very big year for the home remodeling industry. Over the past year, we've seen a number of homeowners choose to stay in their existing properties for the long haul and renovate to truly get their dream homes. But as the year comes to a close, can we expect America's renewed passion for home remodeling to continue in 2017?
According to the most recent Leading Indicator of Remodeling Activity released in October of 2016, the answer is yes. Harvard University's Remodeling Futures Program at the Joint Center for Housing Studies produces a quarterly report that projects the growth in home improvement and repair expenditures. The most recent report reveals that we can expect to see growth in home improvement and remodels to increase in the early half of 2017, surpassing an 8 percent increase by the second quarter. However, after the first half of next year, LIRA projects that the momentum behind all of this home improvement growth will somewhat moderate.
Experts from this Harvard University program expect home improvement growth to reach its peak by the second half of 2017. However, while this growth may begin to dwindle down in late 2017, the amount of home improvement spending is expected to reach new heights by the third quarter of 2017. In fact, it's anticipated that 2017 will be the year that home improvement spending is higher than its former inflation-adjusted peak in 2006.
Given the findings in the latest LIRA report, we can expect to see a number of Central Florida homeowners continue to make improvements to their properties in 2017. At Empire Custom Homes, we've successfully completed more than 500 projects and have been proudly building and remodeling homes in our community for the past 3 decades.
As an award-winning custom home builder and remodeler, we have the talent and experience to make your dream home a reality. Whether you're looking to give your master bathroom an update or are finally ready to expand your home's entertaining space, we can help you.
If you're currently in the beginning stages of considering a remodel, we invite you to contact us to learn more about our extensive home improvement services. At Empire Custom Builders, we're proud to provide superior customer service, quality craftsmanship, and a company that will stand behind its work. Please contact us to start the conversation today!
Experts from this Harvard University program expect home improvement growth to reach its peak by the second half of 2017. However, while this growth may begin to dwindle down in late 2017, the amount of home improvement spending is expected to reach new heights by the third quarter of 2017. In fact, it's anticipated that 2017 will be the year that home improvement spending is higher than its former inflation-adjusted peak in 2006.
Given the findings in the latest LIRA report, we can expect to see a number of Central Florida homeowners continue to make improvements to their properties in 2017. At Empire Custom Homes, we've successfully completed more than 500 projects and have been proudly building and remodeling homes in our community for the past 3 decades.
As an award-winning custom home builder and remodeler, we have the talent and experience to make your dream home a reality. Whether you're looking to give your master bathroom an update or are finally ready to expand your home's entertaining space, we can help you.
If you're currently in the beginning stages of considering a remodel, we invite you to contact us to learn more about our extensive home improvement services. At Empire Custom Builders, we're proud to provide superior customer service, quality craftsmanship, and a company that will stand behind its work. Please contact us to start the conversation today!
