My recent anecdotal conversation about the increase in home remodeling has been confirmed by an article in the Wall Street Journal. The Journal reports that people are staying put and remodeling instead of trading up. They say that architects are seeing a 16% increase in interest in remodeling of kitchens and baths. How this "interest" will translate is anyone's guess, but a kitchen designer told me the other day that there was a substantial uptick in business over last year. However, people are spending roughly half of what they were during the boom times.
Today's homeowner is much more practical than the recent past - with little interest in indulgent luxuries, they are looking for recycling centers, larger pantries and renewable materials. Material properties are getting much closer scrutiny than in the past, consumers are looking for products that will last rather than what is the "trend of the moment."
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