A recent study conducted by the Economic Modeling Specialist Intl (EMSI), a firm that collects labor market data from sources to help us understand the connection between economies, people, and work — predicts a minimum 4 percent growth in remodeling projects between 2011-2014 (Gregorski).
Since the collapse of the housing market new home ownership and home values have decreased, and even with the slow but steady raising economy people are not buying new homes. Instead, home owners are thinking long-term and choosing to remodel their existing homes to increase their value for the future.
2.5 million jobs were lost between 2007 and 2011, and the slow but raising economy has not yet provided enough for people to invest in buying new homes. It’s more feasible to fund a remodeling project, and that’s why there is an increase in the remodeling market. In addition, the study found the remodeling industry created 45,000 jobs between 2011 and 2013, a 9 percent increase, and a predicted additional 8 percent by the end of 2014 (Gregorski). In other words business is growing and so is the economy.
Read about President/Founder Bill Conforti of Cobblestone Development and his contribution to the remodeling industry in Fra Noi’s June issue.
Gregorski , Tim. ( 2014). Time to labor on. Professional Remodeler. 7.