As homeowners stay put, remodeling opportunities abound
January 18, 2010
Editor’s note: As part of Marvin Windows and Doors’ ongoing coverage of the International Builders’ Show in Las Vegas, we’re publishing occasional pieces on trends and topics in the building industry. Check here regularly throughout the week for other news, trends, products, interviews and photos from the floor of the year’s largest gathering in the homebuilding industry.
Americans are moving less frequently than ever, and that’s opening opportunities in remodeling, renovation and home improvement.
According to the Census Bureau, about 10 percent of Americans moved in 2009, the lowest number since World War II. In the postwar era, it’s been common for as many as 20 percent of Americans to relocate in a given year.
“With more consumers staying in their existing homes, they’re interested in improving their homes to make them more efficient and better suit their lifestyle,” said Susan Marvin, president of Marvin Windows and Doors.
This is one of several trends driving an increased share of spending on home improvement. According to the U.S. Commerce Department’s monthly construction index, spending on home improvement in 2009 increased its share by 20 percent compared to new construction spending.
Meanwhile, sales of existing homes and foreclosed homes have been strong compared to new home sales.
“And if people are buying a home, they are far more likely to replace products or upgrade products,” Susan Marvin said.
The NAHB’s Remodeling Market Index has been trending upward in recent months, with even greater increases seen in the index of future market indicators. The indicator of remodeling calls for bids jumped 20 percent from the second to third quarter of 2009, while the indicator of work committed for the next three months also increased by 20 percent.
Marvin Windows and Doors is offering resources for consumers considering a remodeling or replacement project. Download Marvin’s free, 20-page guide to remodeling that walks you through the most important considerations — from how to know when you should consider replacing windows and doors, to what to shop for, to working with a contractor on installation.
And don’t forget the $1,500 federal energy efficiency tax credit, available in 2010 for qualifying home improvement projects including energy-efficient windows and doors from Marvin.
(Photo courtesy of brockbuilders via flickr.)