REMODELING SPENDING TO REACH ALL-TIME HIGH IN 2006
Americans spent $210 billion on remodeling projects last year, an increase of 5.8 percent compared with spending in 2004, according to a recent report by the National Association of Home Builders (NAHB).
While remodeling spending surpassed $200 billion for the first time in 2005, NAHB expects spending to climb 13.2 percent this year to an all-time high of $238 billion. The last time remodeling spending doubled the average annual growth rate of 5.3 percent was in 2004, when spending climbed 12.2 percent.
"The devastating 2005 hurricanes, combined with rebound in the rental market, are expected to spur a historically high increase in spending this year as repair work proceeds in the Gulf states and apartment owners renovate properties to maximize rental income," said Vince Butler, chair of the NAHB Remodelors™ Council.
**taken from the california association of realtors bulletin, dated march 30, 2006.
THAT'S LOLA ABOVE!
