A new resource from the Home Builders Association provides localized remodeling activity information to help builders and contractors.
It’s called the State Projections of Remodeling, or SPR, and this new resource from the National Association of Home Builders provides a quarterly analysis of remodeling activity for each state in the nation based on total dollar volume, market share and change in remodeling spending.
“Given multiple tailwinds for industry expansion,” said NAHB economist Eric Lynch, “such as the aging housing stock, the trend of aging-in-place improvements and more homeowners that are choosing to stay put, we are forecasting that remodeling spending will continue to grow in both the short-term and the long-run. The SPR will fill a much-needed research gap within the marketplace.”
The new research initiative is based on a proprietary model developed by the NAHB that tracks a state-by-state estimation of the market share and total dollar value of remodeling spending. The association said it employs a statistical model utilizing national quarterly improvement spending data to estimate remodeling market share by state using multiple indicators and NAHB’s annual state remodeling forecast.
“We are pleased to unveil this new economic resource that will serve not only the remodeling sector, but the entire housing industry,” said NAHB chairman Bill Owens, a home builder and remodeler from Worthington, Ohio.
The initial SPR shows that California is the top state for remodeling based on total share, accounting for nearly 8 percent of the market. Rounding out the Top 5 are Texas, 7 percent; Florida, 5.5 percent; New York, 3.9 percent; and North Carolina, 3.0 percent.
Michigan led all states in gains in remodeling spending, up 15.9 percent, followed by Virginia, North Carolina, Ohio, and Alabama. Additional information on the SPR is available at: www.nahb.org/SPR.
