Homeowners Spending More on Home Improvements

Homeowners Spending More on Home Improvements

Home improvement projects are starting to make a comeback after frugal consumers pulled the plug on remodeling and renovation work during the downturn.

With the economy showing signs of stabilizing and retailers and contractors continuing to offer good deals, homeowners are sprucing up their homes’ appearance and value by repainting their bathrooms, installing new floors and carpets, and upgrading their kitchens.

In a survey recently released by American Express, 62% of homeowners said they planned to embark on home improvement projects in 2010, spending an average of $6,200 on enhancements.

According to a report this month by the Joint Center for Housing Studies at Harvard University, the sector is estimated to see nearly 5% growth in 2010—although industry experts caution that a full rebound will take a while.

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