This morning I was happy to read commentsby John Caulfield.  He cites a recent survey by Harvard’s Joint Center for Housing Studies that “aging rental stock, rising immigrant populations, and increasing demand for energy efficiency will drive a sector in transition”.

Information gathered in this survey suggests the correction in the remodeling industry is likely to be far less serious that the overall housing market. On a positive note, the  opportunities for remodeling look strong but may not be big ticket projects, but projects that aim to maintain and upgrade the efficiency of a home.

There are nearly 130 million homes “that require maintenance and adjustments to meet changing preferences and lifestyles”. The survey identifies three growth segments:

• Foreign-born Households: in 2007 these households spent $23 billion on improvements.  As this population segment increases so will home improvement projects.
• Rental Market: the US rental stock is 36 years with a dire need for improvements.
• Green Renovation: homes built before 1970 consume 40% of residential energy. These homes are a prime market for energy efficient upgrades.