Home Improvement Spending Surges 8.7% in October
December 2, 2009
Homeowners shift spending to renovation and replacement, says Marvin Windows and Doors
Marvin responds with innovative replacement window and door products, consumer information
Warroad, Minn., December 2, 2009 – Spending on home improvement surged 8.7 percent in October as American homeowners responded to tax credits, according to Marvin Windows and Doors, the nation’s largest manufacturer of made-to-order wood and clad wood windows and doors.
Data from the U.S. Commerce Department’s monthly construction spending index showed spending on home improvements at a seasonally adjusted annual rate of $114 billion in October – a jump of 8.7 percent from $104.9 billion in September. Meanwhile, spending on new, private residential construction crept up 1.1 percent to $136.3 billion, from $134.8 billion.
“We’ve definitely seen a greater emphasis on replacement and remodeling in our business,” said Susan Marvin, president of Marvin Windows and Doors, a premium manufacturer based in Warroad, Minn. “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.
“The $1,500 federal tax credit for energy-efficient windows and doors has also boosted interest in replacement products,” Marvin said. “We’ve responded to this demand with some of the most innovative replacement and remodeling products on the market, including our Ultimate Casement Collection and fiberglass Infinity replacement windows and doors.”
For the year to date (January – October), statistics from the Commerce Department’s monthly construction spending index(1) reinforce the finding that homeowners are devoting a much greater share of spending to home improvements vs. new construction.
Home improvement spending as a share of private residential construction spending jumped by 21.3 percent in the first 10 months of 2009 compared to last year, as homeowners devoted a larger proportion of their construction dollars to renovation and remodeling, rather than building new homes.
Recognizing this shift in consumer spending priorities, Marvin Windows and Doors is offering resources for consumers who may be considering a remodeling or renovation. At www.marvin.com, homeowners can download a free, 20-page guide to window and door replacement; get tips from “TODAY Show” home expert Lou Manfredini in a series of informative videos and podcasts; and use an interactive assessment tool to determine their home improvement needs.
“We’re committed to offering products and resources that serve our customers’ needs, whether for a remodeling, replacement or new construction,” Susan Marvin said. “But right now, the heightened interest in remodeling and replacement has clearly gotten our attention.”
(1) – http://www.census.gov/const/C30/privsa.pdf
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