The home improvement activity appears to be shifting from simple repairs and energy retrofits to broader remodels and upgrades. This means that the backyard swimming pool or ipe-wood deck projects you had planned before the recession may be back on, provided you have the funds for a major remodeling project.
"Absent a reversal of recent economic progress, there should be a healthy upturn in home improvement activity by year-end and into next year," says Eric S. Belsky, managing director of the Joint Center for Housing Studies.
Experts believe that homeowner optimism in the United States is supporting a trend toward investing in homes again. "The recovery in home improvement activity appears to be moving beyond simple replacement projects and energy retrofits to broader remodels and upgrades," says Kermit Baker, director of the Remodeling Futures Program at the Joint Center for Housing Studies. "A wider activity base would help generate the expected growth in the quarters ahead."
What Outdoor Improvements Does the LIRA Measure?
- Inground swimming pools
- Decks and porches
- Roofing
- Siding
- Siding
- Electrical
- Windows and doors
- Driveways and walkways
- Fencing and walls
- Patios and terraces
- Detached buildings (backyard structures)
- Recreational facilities
- Garages.
What Doesn't the LIRA Measure?
- Painting
- Landscaping
- Routine maintenance and repair work
- Remodels on vacation homes
- Home improvements on rental properties
