Senior retrofits, energy upgrades push remodeling

The growing trend among homeowners to remain in their homes and remodel has provided a boost to the remodeling market.

The strongest sectors of the remodeling market are aging-in-place retrofits, energy efficiency upgrades, and reinvesting in distressed properties.

The residential remodeling market will continue to experience measured growth in 2012 after the Remodeling Market Index (RMI) rose to a five year-high at the end of 2011, according to the National Association of Home Builders (NAHB).

“Spending on improvements to owner-occupied housing is nearly equal to that of new residential construction,” said Paul Emrath, NAHB’s vice president for survey and housing policy research. “NAHB predicts that residential remodeling will rise 8.9 percent in 2012.”