A recent Harvard study says it’s going to be a good year for home renovation and recycling! Homeowner expenditures on improvements and repairs will rise 7.5% in 2018 from last year to approach $340 billion, according to the Leading Indicator of Remodeling Activity (LIRA) released today by the Joint Center for Housing Studies of Harvard University.
“Despite continuing challenges of low for-sale housing inventories and contractor labor availability, 2018 could post the strongest gains for home remodeling in more than a decade,” said Abbe Will, a research associate in the Remodeling Futures Program at the Joint Center. “Annual growth rates have not exceeded 6.8% since early 2007, before the Great Recession hit.”
JCHS Managing Director Chris Herbert credited that robust number to broad economic strength, growing demand for home improvements, and the need to do restoration work in areas ravaged by hurricanes, fires, and other natural disasters.
LIRA sees to project the annual rate of change in spending for the most recent quarter and the four to follow. It’s based on extrapolations from the Census Bureau’s American Housing Survey.
The Remodeling Futures Program, initiated by the Joint Center for Housing Studies in 1995, is a comprehensive study of the factors influencing the growth and changing characteristics of housing renovation and repair activity in the United States. The Program seeks to produce a better understanding of the home improvement industry and its relationship to the broader residential construction industry.
The Harvard Joint Center for Housing Studies advances understanding of housing issues and informs policy. Through its research, education, and public outreach programs, the center helps leaders in government, business, and the civic sectors make decisions that effectively address the needs of cities and communities. Through graduate and executive courses, as well as fellowships and internship opportunities, the Joint Center also trains and inspires the next generation of housing leaders.
This is good news for our luxury recycling movement. When renovations pick up, the opportunities for recycling and repurposing increases as well. The luxury kitchen and furniture recycling process has helped us to do so much good over the years, and we are dedicated to continuing that work. Since our founding in 2005, Renovation Angel has created more than $19.2 million in jobs, diverted more than 33 million pounds from landfills, and distributed more than $2.2 million to nonprofit outreach programs. Excited for the year ahead!
If you are interested donating to our recycling program you can submit your item now using our easy online form. Snap a few pictures with your phone, give us a few simple details, and we can let you know if you qualify for FREE kitchen removal and thousands of dollars in renovation savings!