Dive Brief:
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The remodeling market is “muddling along,” growing 3.3% since the third quarter of 2013, according to a study released Thursday by Metrostudy.
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As housing’s share of first-time buyers hit a 27-year low in 2014, demand for remodeling has waned, the report showed.
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Still, growing families, baby boomers and wealthy homeowners generated enough demand for home improvements to keep the industry in the black this year.
Dive Insight:
While modest, gains in the remodeling market have increased steadily each year since it bottomed out in 2011. Coupled with a continually improving job market, that positive data convinced Metrostudy to forecast a “full recovery” of the industry by fall 2015, and a spike by the end of next year that surpasses the industry’s 2007 peak.