A boom in remodeling
From Times wire reports
Homeowners and rental property owners spent a record $233 billion in 2003 on remodeling, according to a new report by the Joint Center for Housing Studies at Harvard.
The latest report in the Improving America’s Housing series, “The Changing Structure of the Home Remodeling Industry,” noted that baby boomers still account for more than half of all the spending.
But between 1995 and 2003, home improvement spending by Generation Xers increased fivefold to $28 billion as their homeownership tripled to 12.4 million units.
“Households with incomes of $120,000 and up accounted for 60% of the growth in spending since 1995,” said Nicolas P. Retsinas, the center’s director.
