September 29, 2009, Sunnyvale, Calif.— – RemodelorMove.com’s U.S. Remodeling Activity ReportTM, a sampling of remodeling permits in the U.S., was issued for the second quarter 2009 today, revealing an increase in remodeling activity in certain regions of the U.S. for the first time in more than a year.
According to RemodelorMove.com’s Remodeling Activity Report, the value of remodeling projects in the U.S. increased in the second quarter over the first quarter of 2009. The size of these projects is the most notable change-the average expenditure by homeowners in the sampled regions for permitted remodeling projects was more than 20% greater than spent in the same quarter of both 2007 and 2008.
The report’s authors said, “It is exciting to begin to see consumer confidence returning to remodeling. This increased activity was not surprising, however, as predicted by the Spring 2009 Remodeling Sentiment Report, which reported a 5% increase in the number of homeowners who reported they were likely to remodel in the next 12 months.”
According to research , recent government stimulus packages, rebates for energy efficient remodels and steep reductions in overall remodeling costs have encouraged many homeowners to begin remodeling projects in the second quarter of 2009 that were previously on hold. These incentives and discounts, as well as price reductions from contractors hoping to keep workers busy, have resulted in a combined reduction in remodeling costs of approximately 20% compared to similar projects in 2006.
While some are still penny pinching in the fear of further recession, individuals like Mary Pirotte of Fayetteville Arkansas are remodeling despite concerns about the future of the economy. “Because we are retired and on a fixed income, the recession had little impact on our decision to remodel our bathroom this spring.”
Spending just over $7,000 to completely remodel a 64-square foot bathroom with a custom double sink vanity, tiled floor and shower was the best option, according to Pirotte because of damage to the subfloor caused by a small leak under the toilet. “The bathroom was original to the house when it was built 25years ago. It was getting a bit worn, and when we found that the subfloor was damaged and had to be replaced, remodeling the bathroom was really the best decision.”
In the case of this remodel, while it is difficult to point to specific benefits Pirotte received because of the recession, it is likely that having her bathroom remodel completed on schedule and the low quotes she received were the result of contractors anxious to work and not overbooked with projects. Pirotte reports, “I was very specific on the fixtures I wanted, and none of them were on sale when I bought them. In the end, I was happy with the total price we paid for the quality we received-and the entire project was completed on schedule- start to finish it took about six weeks.”
While the present remodeling trend is certainly on an upward trajectory in certain U.S. regions, it is not yet widespread. According to the RemodelorMove.com’s Remodeling Activity Report, the Northeast and Southwest regions of the U.S. show the most signs of improvement in remodeling expenditures during the second quarter of 2009 compared to the same quarter in 2008. The rest of the country has yet to see much of a recovery, while remodeling in the Southeast remains in decline.
The release of RemodelorMove.com’s forward-looking Remodeling Sentiment Report next month will provide additional insight on the strength and duration of the economic recovery as it relates to the U.S. home remodeling market through the end of 2009 and 2010.
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RemodelorMove.com (www.remodelormove.com) is the premier online resource for homeowners deciding whether it is best to remodel current homes or to move. In partnership with www.remodelestimates.com, RemodelorMove.com provides information and uniquely accurate cost-comparison calculators, forums, seminars, and advice for homeowners.
RemodelorMove.com’s additional partner site, www.saveonmyremodel.com, helps homeowners who decide to remodel find the best ways to save money without compromising quality. For more information, visit: www.RemodelorMove.com.
CONTACT: Barb Fujito, RemodelorMove.com at publicrelations@remodelormove.com or 888.825.4169
Interviews with report authors, regional reports, and archived reports are available on request.
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