Home remodeling hits $121 billion in first quarter

Real Estate Watch

October 04, 1998

Home remodeling expenditures are shooting through the roof, according to statistics released by the U.S. Census Bureau.

The annual rate of spending for remodeling hit $121.1 billion for the first quarter of 1998, marking the second highest on record. The latest figures rose 6 percent from the previous quarter and 9 percent when compared to the same period last year.

However, it was less than the record $125.7 billion spent during 1997's third quarter.

Nonetheless, the consistently high numbers are demonstrating an increasingly stronger market, according to the National Association of Home Builders. Last year, expenditures on maintenance, repairs and improvements were 3 percent higher than 1996.

Kent Colton, executive vice president of the NAHB, attributed the rise to baby boomers, saying "fully half of all remodeling expenditures" in 1997 were generated by that group.

Total expenditures in 1997 on home improvements reached $79.99 billion, while maintenance and repair work totaled $38.58 billion.

Pub Date: 10/04/98

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