Homeowners are expected to increase spending on improvements in 50 of the nation's largest metropolitan areas in 2018, according to the new Metro Area House Improvement Projections published this week by the Remodeling Futures Program at the Joint Center for Housing Studies of the Harvard University.
Household spending will increase by at least 5% in 41 of the 50 meters tracked and 10% or more in 11 of these major metros, driven by Kansas City, Charlotte, San Antonio, Dallas and Sacramento.
None of the 50 major metropolitan areas drawn is expected to see a decline in expenditure in 2018.
"Growth spending is expected to be particularly strong in many of the nation's most accessible markets," said Chris Herbert, Managing Director of the Joint Center for Housing Studies. "At the same time, there are some high-cost markets where the low housing supply is stimulating the restructuring of existing homes".
"Our projections show that the growth of the remodeling market is not concentrated in just one area of the country, but it is widespread," said Elizabeth La Jeunesse, senior research analyst in the restructuring program for the centers of the future.
"Average growth up to 2018 in the South, West and Midwest should be close to 7.4%, while growth in the Northeast will be 5.6%."