Even before the super storm Sandy hit America, the industry had already started to witness some increase in the number of home owners opting for home improvement. This was due to the fact that there had been no renovations and home improvements due to the general depression in the market and tightness of money.
However, with the improvement in general conditions of the economy and increase in the property prices, the home owners started to invest in home improvement with a thought that they would be able to realize their costs as and when they sell their property.
The banks on the other hand have been reluctant to give money for large projects limiting people to address only their urgent requirements. However, even at this scale of improvements, Harvard has estimated the amount spent to be around $10 billion for last year alone out of which it estimates that 65% came from the pocket of the people or through rotating credit.
For 2013, Harvard’s Joint Center for Housing Studies believes that more money will go into home improvement as property prices are looking up and the economy is back on track.
Owing to the destruction caused by Hurricane Sandy in New York and other parts of America, home improvement industry is all set to witness a sudden rise in the number of customers. A large number of houses in the areas affected by the storm have been completely or partially destroyed and need urgent repairs and home improvement so that the owners can return back and live in them.
A daunting task in the process is the amount needed for home improvement. Most home owners have lost major portions of their houses to the storm which would now require huge sums of money that many are not in the position to afford. Furthermore, banks are also not very keen to lend such sums of money because recovery of money will take long.
Barring all the difficulties, home improvement industry is all set to witness a huge rise in the number of customers as construction work is about to begin. Many analysts also believe that in the aftermath of Hurricane Sandy, a massive hiring process will begin that will eliminate depressing situations in the U.S. economy. Furthermore, these analysts also believe that there will be an overall increase in the consumer demand for goods and services especially related to home construction and home improvement.
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