Renovations are Music to the Ears of Tennessee Contractors
Tennessee's contractors enjoy one of the strongest home improvement markets in the nation. Harvard's JCHS (Joint Center for Housing Studies) identified "Growth in the Sun Belt" as one of the top remodeling trends in the U.S. Memphis experienced a 69.1% increase in home improvement expenditure in 2003, earning it distinction as the third fastest growing remodeling market in the nation.
Home improvement investment is sweeping the U.S. Americans spent a record $150 billion on home improvement in 2005, up 4.3 percent from 2004. Appreciating home prices and low interest rates are major factors in this trend; cash-out refinances were up 66% in 2005.
Popular Remodels in Tennessee
The particularly high demand for Tennessee contractor services also reflects the average age of homes in the state. Many Tennessee homes are now old enough to require upgrades, and homeowners are turning to skilled contractors for help. Kitchen remodeling tops the list of home improvements. Tennessee contractors also report high demand for upscale bathroom remodels, thanks to an average 98.5% return on these projects throughout the South.
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