- According to the National Association of Home Builders Remodelers, the number of large home renovations and additions are at post-recession highs.
- In a survey of remodelers, 2016’s projects saw an increase in whole house remodels (10%), room additions (12%), finished basements (8%) and bathroom additions (7%) from 2013.
- The NAHB reported that bathroom and kitchen renovations are still the most common projects, with bathrooms at the top of the list.
The NAHB reported its survey results to coincide with National Home Remodeling Month, which began May 1. Last month, the NAHB reported a four-point drop in its Q1 2016 Remodeling Market Index (RMI) reading to 54, lower than the previous quarter but still representing a net positive in remodeling activity. Association officials said that despite the quarter-over-quarter dip, they still expected to see growth in the remodeling industry in 2016. The NAHB also reported a decline in home maintenance and repair projects but said there was an uptick in major additions and renovations.
Online remodeling resource Houzz had a positive take on the industry's strength and reported that its Q1 2016 Renovation Barometer revealed an increase in home remodeling industry confidence on a quarter-to-quarter basis. However, the home design platform also said there had been a slight downturn from its 2015 Q1 readings. Houzz found that renovation contractors and remodelers — much like the rest of the industry — are encountering difficulties in staying staffed with the most in-demand trades
The aging baby boomer population might also be playing a hand in the rise in large-scale renovations. Mike Shina of 55-plus developer Windsong Properties told Construction Dive in February that 90% of boomers want to remain in their homes as they get older. That trend has created a renovation market, according to Harvard's Joint Center for Housing Studies, of at least $13 billion for no-step entries and ramps alone.