As we gear up for 2024 it’s important to take a look at costs and trends throughout the Construction & Home Improvement Industry. As with any big investment, there are a multitude of factors that affect the overall costs and value of materials. This week we cover rising construction costs and how that influences Design & Remodel trends and homeowner’s choices.
Construction Industry Trends
The costs of an IKEA Sektion cabinet system itself might not be significantly greater in 2024 than it was over, say 2022. However, essentially all other costs associated with a remodel or renovation project have gone up.
One of the greatest predictors of what we can expect in 2024 are the predictions of industry spending. According to Forbes and the Joint Center for Housing Studies of Harvard University the industry will continue it’s downward spiral in Remodel Spending. What this does after over a year of negative growth, especially after a previously volatile couple of years, is lead the industry to inflate prices to pad their losses.
Planning is Where You Save
With inadequate planning comes underestimating costs, which causes undue stress and can completely change a project timeline. As General Contractors, Vendors, and Subcontractors are delayed & rescheduled, project costs go through the roof.
Start your project before it starts, do your homework, and prepare so that you only have to pay what you need as you invest in your home. Plan for joy rather than stress when your Kitchen or Home Remodel wraps up.
Written by Todd Zimmerman
Producer of the John Webbccast