As new construction lags, contractors stay busy with remodels
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CHARLOTTE -- Home builders are trying to rebuild their industry through renovations.
Construction is one of the biggest industries hit by the 2008 financial crisis. While numbers remain down in terms of new home construction or sales, contractors are still finding work.
Business is booming for Banister Homes.
“Recently, renovations have been moving from steady to busy. Now I'd call it extremely busy,” said Kathy Spence, Banister Homes' director of sustainability.
Home renovations and remodels used to make up just half of their business. Now, nearly all of it.
“I think there's a trend in that direction. I think people who might have sold their home and changed it out for a different one locally would rather change the house rather than dealing with the prospect of selling their house,” Spence said.
The Buildfax Remodeling Index showed April as the 18th consecutive month of year-over-year gains.
“The South is also recovering but is lagging a bit behind. Charlotte is lagging behind the South,” said Joe Emison, vice president of research and development for Buildfax.
While renovating is typically more expensive per square foot than building from scratch, the blueprint now is to stay put and make the home fit your needs.
Buildfax says the most popular renovations involve decks, garages and kitchens.