- Written by Todd Nelson
THE HOME IMPROVEMENT RESEARCH INSTITUTE PREDICTS AN 5.8 PERCENT INCREASE IN RENOVATIONS THIS YEAR.
More than half of homeowners (57 percent) plan to spend money on home improvement projects this year, according to a recent SunTrust survey conducted online by Harris Poll. In fact, the Home Improvement Research Institute predicts an increase in renovations by 5.8 percent, up from 4.9 percent last year. With consumer confidence on the rise, the home improvement industry is expanding, and the influx of a new generation of homeowners is beginning to set the stage for even greater growth opportunities. In 2013, baby boomers were responsible for almost half of all home renovation spending, according to the Joint Center for Housing Studies at Harvard University. But the population of millennials is expected to reach 75.3 million and outweigh boomers this year. This means a new market of young homeowners will be looking to increase space for a growing family, lower energy costs to reduce their carbon footprint, or perform routine maintenance to upkeep one of their largest investments. With homeowners having projects in mind and budgets to match, consumer renovation trends include: