The Joint Center for Housing Studies of Harvard University recently released a new report that gave a strong case for more stable growth for the residential remodeling industry to continue through 2025.

Key Points:

Residential remodeling spending hit its highest level to date at $361 billion in 2016.

The market is showing no signs of slowing down, with forecasts predicting annual growth of 2% in the category through 2025.

Millennials are taking up a more significant grip of the market and focusing on remodels that include energy-efficiency, healthy materials and smart-home systems.

This growth is expected to take place despite rising mortgage rates and rising home prices creating more difficulties for new homebuyers to enter the market. Chris Herbert, managing director of the Joint Center for Housing Studies had this to say:

“Despite these challenges, the remodeling industry should see numerous growth opportunities over the next decade. Strong demand for rental housing has opened up that segment to a new wave of capital investment, and the shortage of affordable housing in much of the country makes the stock of older homes an attractive option for buyers willing to in invest in upgrades.”

The study reports an average of 6.8% growth throughout the nation with the majority of it taking place in the East. Click here to see the full interactive report.

While the growth of the market is a great sign for contractors, a labor shortage in the industry may still make it difficult for homeowners to find a quality contractor that's not too busy to complete their project within a desired time frame.

We created Contractors.com to help ease the efficiency of the process for both parties involved. Homeowners can upload photos/videos of desired projects and get up to 3 free quotes from local, vetted contractors on our platform.

We create more efficiency in booking jobs so there's more time to spend on completing them. Sign up now on web, android or iOs and let's make a house a home.