For the sixth quarter in a row, investment in home improvement has topped that of new construction. (h/t to Calculated Risk for crunching the numbers from GDP residential investment.)
This is where the longterm growth is in the housing industry. Once the recession ends and unemployment goes down, we're poised for a big comeback in the remodeling industry. New construction? I've got my doubts. But remodeling is in great shape for the longterm. An aging housing stock, desire to be in closer suburbs and the city core, the green movement -- all factors that have us set for a nice rebound.
(You know, sure would be a great time to restart a remodeling trade pub -- just saying)
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Right on! The NAHB reported earlier this year that 66% of builders will be move into the remodeling space. New construction is still going to take time.
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