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The nation as a whole spent $275 billion on home improvements and repairs during 2011, more than what was spent on clothing, furniture and home furnishings, and electronics and appliances, according to a new report from the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard.
The report, The US Housing Stock: Ready for Renewal, notes that home improvement activity differs based on geographical location. The south and west saw the most severe declines between 2007 and 2011, -25% and -43% respectively. 2012 showed signs that this trend may be reversing since spending on home improvements increased about 9% in 2012.
As baby boomers retire, the market has noticed an increase in remodeling spending as this population retrofits to their homes to allow for aging in place. In the early 2000’s homeowners over 55 were responsible for 30% of all home improvement spending; by 2011 this number had jumped to 45%. Also contributing to this increase in remodeling activity is the increasing availability of foreclosures and short sales on the market.
Click here to read the full report. The US Housing Stock: Ready for Renewal: Improving America’s Housing 2013