Friday, December 4, 2009
The Return Of Remodeling - Nesting Trend Means More Business for Home Improvement Companies
If flippers were the poster children of the real estate boom, then nesters are becoming the icons of the new housing market.For New York General Contractors and Interior Designers, this is a very good sign indeed.
"We saw a nesting reaction after 9/11, but we're seeing a stronger nesting reaction now," said Bob Peterson, president of ABD Design/Build in Ft. Collins Colo. People who have the money are fixing up what they have."
A proportionally bigger share of the home construction dollar -- 20% more during the first three quarters of 2009 compared with the same period last year -- now goes to home improvements, according to the U.S. Census Bureau. In October, remodeling spending increased 8.7% compared with September to an annualized rate of $114 billion.
Remodeling Activity on the Rise (CNNMoney)