A new quarterly survey says that while new home construction is still struggling, the remodeling market has hit bottom and is poised to improve during the coming year. Remodeling Magazine's Residential Remodeling Index, which ranks the top 100 hottest remodeling markets nationwide, says that the Twin Cities metro area was No. 3 overall in terms of remodeling activity during the third quarter 2010. Cincinatti and Houston topped the list.
The survey, which is based on building permit data and other information, suggests that remodeling activity has picked up significantly and is expected to grow during the coming year. That's not a surprise given the stagnant housing market. With sales falling many homeowners are optiong for fix-up projects instead of selling. Here's a link to the full report, which includes details on the 2011 forecast.