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FastFact: Seniors Boost Remodeling Trend

April 4, 2016 by in Economic News, Industry

The Joint Center for Housing Statistics of Harvard University conducted a 10-year study that shows an increased percentage of seniors in the midst of or planning home remodeling projects to update homes as they age.

Home improvement projects by people 65 and older jumped 67.1 percent between 2003 and 2013. People between the ages of 35 to 44 and 45 to 54, traditionally the bread and butter of the remodeling industry, collectively dropped their share of total home improvement expenditures by 37.8 percent during the 10-year span. The decrease was due in part to the recession along with lower population figures.

The complete FastFact can be found online.