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Sunday, January 23, 2005

 

Home remodeling hits $233B high

The Sun Herald | 01/21/2005 | Home remodeling hits $233B high

Home remodeling hits $233B high

Upgrades improve investment

By J.B. SBRANTI

MODESTO BEE


MODESTO, Calif. - The home remodeling industry is booming nationwide as homeowners and landlords invest big bucks to expand and update their properties.

More than $233 billion was spent in 2003 on remodeling projects - 5.2 percent more than the previous year, according to statistics from Harvard University's Joint Center for Housing Studies.

"We've seen good, solid growth in the industry, particularly during the last couple years," said Kermit Baker, director of the Harvard center's remodeling futures program.

High-income homeowners seeking solid investment opportunities are spending big money upgrading their homes, Baker said.




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