(Reuters) - Americans are expected to spend nearly $340 billion in 2018 to upgrade or to patch up their homes, a 7.5 percent increase from last year, a report by the Joint Center for Housing Studies of Harvard University released on Thursday showed.
This year is shaping up to be the best year for home remodeling in more than a decade, according to the center.
In addition to a strong housing market, rebuilding efforts stemming from Hurricanes Harvey, Irma and Maria, which devastated Texas, Puerto Rico and other parts of the southern United States in 2017, will likely spur spending on remodeling, Chris Herbert, the center’s managing director, said in a statement.
“Steady gains in the broader economy, and in home sales and prices, are supporting growing demand for home improvements,” Herbert said. “We expect the remodeling market will also get a boost this year from ongoing restoration efforts in many areas of the country impacted by last year’s record-setting natural disasters.”
Reporting by Richard Leong; Editing by Steve Orlofsky