Home Improvement Set to Rebound in US
US property owners who have cut back spending on home improvement during the recession are poised to open their wallets again to spruce up kitchens and bathrooms. Spending on remodeling is forecast to rise 9% in the first quarter, with a 13% increase forecast for April through June. If these predictions prove to be correct, it would be the largest jump in five years.
Home-improvement retailers are gearing up for a spring sales jump as many homeowners are choosing to upgrade their homes rather then sell them at a discount into a struggling market. An industry spokesman says that there is a lot of pent-up demand for remodeling across the country, and new owners of discounted and foreclosed properties are expected to drive the demand. In addition, a generous tax credit for energy-efficient windows and modifications is also expected to help.