For the first time in a number of years, homeowners have increased their spending on home renovations, reported The Wall Street Journal this morning.
Home renovation spending increased (by 3.3 percent) in 2011, the first uptick since 2006. While owners are generally shying away from major projects like additions, they are landscaping, buying new kitchen cabinets or installing new lighting, willing to spend a little after a few years of general austerity.
From The WSJ:
“People are remodeling instead of moving,” said David Crowe, chief economist at the National Association of Home Builders.
The rise in home-improvement spending comes as the economy and consumer confidence are picking up. It is giving the construction industry an outsize boost because new home building—which normally accounts for more than half the market by dollar value—remains severely depressed by historical standards.
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