There was a second-quarter increase in remodeling activity in certain regions of the United States for the first time in more than a year, according to RemodelorMove.com’s U.S. Remodeling Activity Report for the second quarter of 2009.
Last week's report, a sampling of U.S. remodeling permits, showed the value of remodeling projects in the U.S. increased in the second quarter over the first quarter of 2009. The size of these projects is the most notable change—the average expenditure by homeowners in the sampled regions for permitted remodeling projects was more than 20% greater than spent in the same quarter of both 2007 and 2008.
The report’s authors said, “It is exciting to begin to see consumer confidence returning to remodeling. This increased activity was not surprising, however, as predicted by the Spring 2009 Remodeling Sentiment Report, which reported a 5% increase in the number of homeowners who reported they were likely to remodel in the next 12 months.”
The research shows that recent government stimulus packages, rebates for energy efficient remodels, and steep reductions in overall remodeling costs have encouraged many homeowners to begin remodeling projects in the second quarter of 2009 that were previously on hold. These incentives and discounts, as well as price reductions from contractors hoping to keep workers busy, have resulted in a combined reduction in remodeling costs of approximately 20% compared to similar projects in 2006.
to Daily News