June 05, 2001

Remodeling Homes for Changing Households

Joint Center for Housing Studies

Every year, about 26 million owners make improvements to their homes. These projects may be as simple as replacing a faucet or as complex as adding a master bedroom suite. However modest the individual job, all of these activities add up to a multi-billion dollar market: after factoring in expenditures for more routine maintenance and repairs as well as spending by owners of rental properties, total spending now approaches $180 billion a year. What’s more, home improvement projects stimulate another $100 billion or so in spending for furnishings, appliances, and lawn and garden products…

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