Remodeling Sets Quarterly Record

Contrary to the continuing national slump in new and existing home sales, residential remodeling recorded a record high, seasonally adjusted, annual expenditure rate of $114.1 billion in the first quarter of this year, according to the Remodelors Council of the National Assn. of Home Builders.

This rate is a 7.4% improvement over the previous quarter rate of $106.2 billion and a 16.4% rise over the first quarter 1989 rate of $98 billion, according to Indianapolis remodeler Frank Spivey, council chairman.

“The increase in major replacements tells us that America’s housing stock is getting older and that people are continuing to update their homes in an effort to bring them in line with today’s living standards,” he said.