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PRESS RELEASE CONTACT: Elizabeth England: (617) 495-7640 January 17, 2008
(The next LIRA release date is April 17, 2008.) Remodeling Activity Projected to Remain Sluggish CAMBRIDGE, MA – Tighter credit standards and falling consumer confidence are expected to depress remodeling spending through 2008 according to Harvard’s Joint Center for Housing Studies. The Leading Indicator for Remodeling Activity (LIRA) reports that homeowner spending for home improvement activity will continue to decline, falling by an annual rate of 2.6% through the third quarter of 2008. “Fewer home sales and falling home prices are dampening interest in spending on home improvements,” notes Nicolas P. Retsinas, director of the Joint Center for Housing Studies. “While remodeling expenditures are likely to continue to slump in 2008, there will remain a need for basic home improvements for an aging housing stock.” “An expanding economy has helped cushion the remodeling market,” remarks Kermit Baker, director of the Remodeling Futures Program of the Joint Center. “Absent a more serious national downturn, remodeling activity is expected to see only modest declines in 2008.”
The LIRA is a new initiative from the Remodeling Futures Program to estimate future national remodeling activity with a horizon of three quarters. The LIRA replaces the Remodeling Activity Indicator (RAI) previously released by the Joint Center. The LIRA is released quarterly (April, July, October and January) by the Joint Center’s Remodeling Futures Program during the third week after each quarter’s closing. The next release date is April 17, 2008. The Joint Center’s Policy Advisory Board and other industry sponsors support the Remodeling Futures Program. The development of the LIRA is detailed in a working paper entitled "N07-1: Developing a Leading Indicator for the Remodeling Industry." Harvard’s Joint Center for Housing Studies is the nation’s leading center for information and research on housing in the United States. Established in 1959, the Joint Center is a collaborative unit affiliated with the Graduate School of Design and the Kennedy School of Government. The Director of the Joint Center for Housing Studies is Nicolas P. Retsinas. For more information, the website is www.jchs.havard.edu. Future LIRA release dates: April 17, 2008 – First Quarter 2008 -END- For
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