 |
 |
||||||
 |
 |
 |
 |
 |
 |
 |
|
|
|||||||
|
PRESS RELEASE CONTACT: Elizabeth England: (617) 495-7640 January
15, 2004
*For previous RAI press releases, please visit the list of press releases in our Media section* In
2003, Homeowner Spending on Home Improvements Up An Estimated 7.3%
CAMBRIDGE, MA – 2003 was another solid year for home improvement activity, with homeowner spending on improvement projects accelerating during the second half of the year. According to the Remodeling Activity Indicator (RAI) devised by Harvard’s Joint Center for Housing Studies, homeowners spent $130.4 billion remodeling their homes during 2003. The Director of the Joint Center Nicolas P. Retsinas, remarked, “Even though mortgage rates were fluctuating in the second half of 2003,home sales - and the resulting move-in renovations - continued to be at record levels. The fourth quarter boost in remodeling spending is yet another indication that the economic recovery has taken hold.” Kermit Baker, director of the Remodeling Futures Program of the Joint Center, commenting on this year’s trends, “After rising by more than 10% in 2002, spending on home improvements increased another 7% in 2003. With an improving economy, home improvement activity is expected to see even further gains in 2004.
The RAI is regularly released by the Joint Center’s Remodeling Futures Program during the third week after each quarter’s closing—two quarters before the U.S. Commerce Department’s data on residential improvements and repairs is available—in order to provide industry with an accurate and timely reading of national remodeling activity levels. The next release date is April 15, 2004. The Joint Center’s Policy Advisory Board and other industry sponsors support the Remodeling Futures Program. The development of the RAI is detailed in Development of an Indicator for the Homeowner Improvement Market. 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 Harvard Design School and the Kennedy School of Government. The Director of the Joint Center for Housing Studies since 1998 is Nicolas P. Retsinas. For more information, the website is www.jchs.havard.edu. -END- For
more information about the Joint Center and its programs, |
