Home Builder Developer - Interior Renovation and Design

Wednesday, January 23, 2013, 11:08am

After languishing for several years, the U.S. remodeling industry appears to be pulling out of its downturn, and a renewal of the nation's housing stock is under way,according to a report by the Joint Center for Housing Studies of Harvard University.

Foreclosed properties are being rehabilitated, sustainable home improvements are gaining popularity and older homeowners are retrofitting their homes to accommodate their evolving needs, the report found.

"As baby boomers move into retirement, they are increasing demand for aging-in-place retrofits," Kermit Baker, director of the Remodeling Futures Program at the Joint Center, said in a statement. "A decade ago, homeowners over 55 accounted for less than one-third of all home improvement spending. By 2011, this share had already grown to over 45 percent. And generations behind the baby boomers will help fuel future spending growth since echo boomers are projected to outnumber baby boomers by more than 12 million as they begin to enter their peak remodeling years over the next decade."

Additionally, the surge in distressed properties coming back onto the market is contributing to an increase in U.S. remodeling spending. "After limited spending during the housing bust, renovating the more than 1 million distressed properties that were sold in 2011contributed nearly $10 billion to home improvement spending," said Eric S. Belsky, managing director of the Joint Center. "With about 3 million more foreclosures and short sales in the pipeline, there is even more such spending ahead of us."

Spending on energy-efficiency upgrades, in particular, continued to expand through the remodeling downturn.

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Remodeling Industry Taking Off

Housing & the Economic Recovery

Existing home sales dropped 1 percent in December because there just aren't many homes to buy, reports CNBC's Diana Olick; and assessing the headwinds the housing market faces, with CNBC's Jeff Cox and John Makin, AEI Resident Scholar.

O'Grady, who heads a research committee for the National Association of the Remodeling Industry, said two-thirds of the trade group's members expect to see a continued pickup in demand this year.

Some of that demand continues to come from homeowners looking to improve the energy efficiency of their homes, a spending category that held up well through the downturn, said Baker. That was partly spurred by government incentives during the economic stimulus program along with worries about volatile energy costs.

Some contractors in areas that sustained heavy damage from Superstorm Sandy told a recent NARI survey they were seeing an uptick in business for storm-related work.

Older homeowners fixing up their home for retirement are also a major source of new business for the remodeling industry, said Baker.

"Their share of spending went up pretty dramatically because they have more equity in their home compared to younger households," he said.

That trend is expected to continue, as many aging baby boomers decide to retrofit their homes to better accommodate their retirement years.

Younger households are also expected to move ahead on long-delayed projects to accommodate growing families. Some deferred repairs can only be postponed for so long.

As long as the overall economy continues to improve gradually, O'Grady expects remodeling demand to continue to pick up.

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Housing Recovery Spurs Pickup in Remodeling

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My Plumber, a trusted Plumber in northern Virginia, has announced a new contest. The winner will be the contest participant with the oldest furnace and will be awarded a new energy efficient furnace.

Manassas, Virginia (PRWEB) January 23, 2013

The Oldest Furnace Contest, from My Plumber in northern Virginia, is based on entries submitted from homeowners in its service area which encompasses Fredericksburg, to Fairfax, Arlington to Rockville, Leesburg to Bowie and all areas in between. The winner will be chosen based on the age and appearance of the furnace.

Other prizes like programmable thermostats, furnace filters, carbon monoxide detectors, and furnace repair service tune-ups will also be given away. Additionally, all entrants receive a certificate worth $500 Off any new furnace. Entries will be accepted until midnight February 28, 2013. The winner will be announced on the My Plumber website, Google +, and Facebook page on Monday, March 4, 2013.

"My Plumber is constantly looking to solve homeowners' heating and air repair problems in resourceful and surprising ways," said Mark Presgrave, owner of My Plumber. "We want to help people find affordable and efficient ways to be more comfortable in their homes."

For more information on My Plumbers Oldest Furnace Contest, visit https://www.facebook.com/MyPlumberHandC. According to My Plumber marketing materials, "If your heating system is the oldest furnace we unearth, youll get a free furnace and your mammoth energy bills will become extinct. You could be the luckiest Neanderthal in town."

My Plumber Heating and Cooling, is a family-owned and operated full-service heating, cooling and plumbing company in northern VA. Since 1982 they have offered a complete range of residential and commercial services including furnaces, water heaters, drain cleaning, sump pumps, 2- day bathroom remodels, and more with a Same Day Service Guarantee. Serving communities throughout Northern VA and Maryland areas including: Arlington, Alexandria, Fairfax, Springfield, Bethesda and Silver Spring, My Plumber Heating and Cooling has won numerous awards including 2012 Top Contractor to Work For from The News Magazine, 2011 Top Contractor to Work For P&M Magazine, 2011 Finalist for National Capital Business Ethics Award, 2011 Washington Business Journals Top 10 Mechanical Contractors, 2011 Smart CEO for D.C. Metro Area Top 10 Executive Management Teams and 2011 PHC Magazines Top 100 Mechanical Contractors.

Kate Haldeman My Plumber 703-367-7960 Email Information

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My Plumber, Northern Virginia Plumbing Service Launches the Oldest Furnace Contest - Winner to be Awarded a New Energy ...

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