The National Association of Home Builders (NAHB) has rolled out the State Projections of Remodeling (SPR), a new platform that will present quarterly analysis of remodeling activity for each state based on total dollar volume, market share and change in remodeling spending.
The inaugural SPR showed California is the top state for remodeling based on total share, with 8% of the market at a $22.1 billion volume. The other top five states included Texas (7.0%, or $19.7 billion), Florida (5.5%, or $15.3 billion), New York (3.9%, or $11.0 billion), and North Carolina (3.0%, or $8.4 billion).
Michigan led the states in year-over-year remodeling spending changes, up $965.1 million or 15.9% from one year before.
“Given multiple tailwinds for industry expansion, such as the aging housing stock, the trend of aging-in-place improvements, and more homeowners that are choosing to stay put, we are forecasting that remodeling spending will continue to grow in both the short-term and the long-run,” said NAHB Economist Eric Lynch. “The SPR will fill a much-needed research gap within the marketplace.”
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