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Fitch: Uptick in U.S. Home Improvement Spending Likely in 2014

CHICAGO–(BUSINESS WIRE)–Link to Fitch Ratings’ Report: The Tale of the “Measuring” Tape (U.S.

Home Improvement Industry)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=718937

Rising optimism among U.S. homeowners may point to moderately higher

spending on home renovation projects through 2014, according to Fitch

Ratings in a new report.

Fitch is projecting home improvement spending will increase 4% in 2013

and grow 5% next year as the housing market continues its modest

recovery.

‘After six years of declining overall returns for remodeling projects,

the home improvement industry finally turned the corner and saw an

increase in costs recouped from home improvement projects,’ said

Director Robert Rulla. ‘Increasing housing turnover will also provide

added impetus for remodeling spending as homeowners prepare their homes

for sale and new owners undertake projects to personalize their homes.’

That said, challenges remain for the sector that could derail a

sustained rebound in remodeling spending. Unemployment is still high,

consumer credit standards continue to be tight and consumer confidence

is still weak. Additionally, rising mortgage rates could slow down

cash-out refinancing activity, which may perhaps limit homeowners’

ability to finance large projects. ‘Spending for big-ticket remodeling

projects will continue to lag the overall remodeling improvement,’ said

Rulla. ‘That said, homeowners are slowly warming to the idea of

undertaking larger discretionary projects and purchases.’

Fitch’s latest ‘Tale of the “Measuring” Tape’ is available at ‘www.fitchratings.com

or by clicking on the above link.

Additional information is available at ‘www.fitchratings.com‘.

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DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING

THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.

IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE

AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘.

PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS

SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS

OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES

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CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH

WEBSITE.

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