A Numerical Look at the Home Remodeling Industry

remodeling a houseLet’s face it: the housing industry hasn’t had a very good reputation in recent years, largely because it’s inexplicably tied to the real estate market, which really took a turn for the worse during 2007-2008 as the Great Recession began. But luckily, both industries appear to be on the upswing. Don’t believe it? Take a quick look at the numbers below:

$57.2 billion: The estimated amount of money, according to recent data, that the U.S. home improvement industry is worth. Of course, it’s important to keep in mind that the housing industry has been growing and stabilizing quite a bit in the past year, and the entire home remodeling industry will likely be much higher than $57.2 billion when those numbers become available. In fact, according to Houzz’s research, there has been a 47% increase, over the past year, in the number of Americans remodeling a house before selling it, and there has been an 83% increase since 2012 in the number of Americans remodeling a house simply to improve its aesthetic or comfort.

$19 billion: The amount of money that Americans spent on home improvement projects from April 2012 to April 2013 — and that was even before the real estate industry began reaching pre-Recession house sales and property values. Now that the industry is very secure — perhaps at the strongest it’s been within the past decade — home remodeling projects and home additions are more popular than ever. Whether people are looking to to make external house additions or revamp their interior home design, they’re seeing the long-term value of remodeling a house, and they’re beginning to have the funds to do so.

It may sound like a ridiculous cliche, but the numbers don’t lie! There really has never been a better time (at least in the past decade or so) to invest in real estate, and that can mean everything from buying acres of new property to making a few simple additions in a home renovation project. With a bit or research, patience, and hard work, it’s impossible for these projects not to pay off in the long run.

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