May 9, 2007 - Americans To Spend More Than $232 Billion On Home Remodeling In 2007
"Remodeling continues to show strength despite the housing slowdown,"
said NAHB Remodelers Chairman Mike Nagel, CGR, CAPS, a home remodeler from
Chicago. "With more than 120 million homes in the United States plus $11
trillion in owner equity, the demand for remodeling will be there now and in
the future." Remodeling currently accounts for more than 40% of the home
construction industry by dollar volume.
"Quite simply, we're adding more homes each year than we're tearing down,
and these will eventually require remodeling," said NAHB Chief Economist
David Seiders. "Compared to other components of the housing industry,
remodeling remains one of the few areas to show growth, at least in nominal
terms."