The growth is expected to be in the double digits.
Kermit Baker, the director of the center’s Remodeling Futures program, said that the growth projections reflect rebounding home sales and a rise in construction, in addition to low financing costs.
Construction Jobs In America Still Difficult To Fill
“People have less equity to borrow against,” he said, “and for those who do have equity, the banks are hesitant to loan. And also, people don’t want to overextend themselves."
Prior to the expected growth, spending on improvements and maintenance have been in a downward spiral over the past few years.
It peaked in 2007 with $328 billion spent.
