Home Depot and their competitors never had it so good. America’s fixation with home improvement projects shows no sign of slowing down anytime soon. Sales of new and existing homes are expected to remain strong this year at just under 7.5 million, a slight drop from last year’s record of 7.7 million, according to the National Association of Realtors. Not surprisingly, the remodeling and repair sector is expected to grow an average of 3% annually over the next 10 years, stimulated by at least 11 million households becoming homeowners during that period. The record $233 billion in total spending on home improvement projects in 2001-2003 accounted for 40% of total expenditures on residential construction in the U.S. economy. Maybe now it’s easier to see why American consumer spending (across the board) accounts for 2/3 of total U.S. economic activity. One surprising feature of this trend, baby boomers continue to remain active in the home-remodeling market even as they approach retirement. The boomers are responsible for more than half of all expenditures. MS Las Vegas Real Estate provides free expert tips on home improvements that better prepare Las Vegas homes for maximum marketing. You’ll find them right on our website.

This entry was posted by Michelle Sterling on Thursday, January 20th, 2005 at 9:47 am and is filed under Business & The Economy, General. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.