Review of the Summit: Resurgent Remodeling
The keynote address of last year’s Home Improvement Summit was delivered by Rick Strachan who is the Executive Director of Hanley Wood’s Residential Remodeling Group consisting of 12 publications, including Remodeling Magazine and Replacement Contractor. Since 1992, he has served Hanley Wood, who is one of the top 10 business media firms in the United States. Rick is on the board of Joint Center for Housings Studies Harvard University Remodeling Futures Committee. He is an active participant in the affairs of this industry and has received the President’s award from NARI (The National Association of Remodeling Industries).
Based on the statistical data that is available regarding the remodeling industry, Mr. Strachan stated that:
- The total number of households in the U.S. is still growing
- The average of the housing stock (34 years) is the oldest in U.S. history
- 62% or those polled in a recent USA Today survey stated that they would invest in home improvements once the economy improved
- Improvement spending increases with the age of the home
- Almost half of remodeling contractors to date have worked on projects funded under the stimulus program
- Building envelope energy tax credit projects dominate reported stimulus funded activities
- Green remodeling is coming on strong
- Homeowners demand energy-efficient upgrades
- There has been increased spending among the minority communities in the U.S.
- Immigrants contribute significantly more to improvement spending in gateway cities
- There has been a sharp decline in the do-it-yourself market in the last 3 years
For more information regarding these statistics, or more home improvement industry information feel free to contact Rick Strachan directly.