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 FEB. 26, 2007
Spending on Home Remodeling sees Modest Growth
In 2004 and 2005, remodeling expenditures reported an increase of up to 20%. In the last three months of 2006, those figures rose only 1.5% to a figure of $168.7 billion spent. These figures are reported by the Joint Center for Housing Studies at Harvard University.
2006 also saw a drop in the return on investment figures for home remodels. For example, home owners were able to recoup only 77% of a bathroom remodel that cast them $38,000 in 2006. In 2005, they would have recouped 93% of their investment.

Manufacturers are responding to this trend by offering products to the market that are affordable and feature an upscale appearance.

For instance, Formica, Corporation recently displayed over 2 dozen laminate style countertops that offered the look of river rocks and wood among other designs at a Home Builder show in Orlando, Florida. Other manufacturers are responding by catering their designs and products to the DIY market.

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