This is an excerpt from the March 2014 Remodeling Forecast.
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After modest gains in 2013 spending on residential improvements is expected to accelerate, growing 2.3% in 2014 and an additional 3.2% in 2015.
NAHB research shows the major driver of spending on residential improvements is home sales (Spending Patterns of Home Buyers). Owners of existing homes undertake improvement projects to prepare the home for re-sale. Buyers of homes (new and existing) undertake improvement projects to put the “finishing touches” on their new acquisition. House price appreciation plays a role because equity in the home is frequently a source of funding for these projects.
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