Home improvement doesn't escape slump
Harvard’s Joint Center for Housing Studies, which follows home improvement trends, has noted a drop in remodeling work during the housing-market shakeout. It doesn't expect that to change soon: Last week it predicted home improvement activity would see an annual decline of about 11 percent by the first quarter of next year.
You might think home improvement companies would benefit from the people who want a bigger place but don't want to deal with selling. But other factors are at work, the center said in a press release:
“The slumping economy and struggling housing sector continues to drag down spending on home improvements,” notes Nicolas P. Retsinas, director of the Joint Center for Housing Studies. “Households are reluctant to undertake major improvements in the context of falling prices.”