Growth predicted for remodeling market

Growth in home improvement and repair spending is expected through 2017, according to the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.

The forecast is for home remodeling spending to increase 8.6 percent by the end of 2016 and 9.7 percent by the first quarter of next year.

“Ongoing gains in home prices and sales are encouraging more homeowners to pursue larger-scale improvement projects this year compared to last with permitted projects climbing at a good pace,” managing director Chris Herbert said in a statement. “On the strength of these gains, the level of annual spending for remodeling and repairs is expected to reach nearly $325 billion nationally by early next year.”