Remodeling your home and the economy

Posted on May 23, 2012 by admin
General Contractor

Remodeling your home and the economy

 

Since the recession at the end of 2007, construction has decreased considerably, due to the fall of in prices of homes. This recession has hit hard and not only has construction felt the economic downturn, so have other industries. Overall, the recession and the credit slump have made harder for buyers to afford homes or qualify for homes and thus fewer homes are being built, and there is less money to go around for remodeling. In order to make your buck go a longer way, a good source to turn to is an experienced, licensed general contractor Los  Angeles.

Although construction has been hurt in recent years, there are indicators that the economy is improving and thus construction is coming back. The credit card giant American Express recently stated in a report that around 70 % of homeowners plan on making home improvements in 2012. The breakdown reported by AMEX states that 37% plan on painting their homes and 24% will look to improve their landscape.

Others will look to remodel the interiors of their homes which accounts for 50%. The average expenditure for each home will be around $3500, which is up $100 from last year.

Other types of construction projects that are not related to your home, for example bathroom remodeling Los Angeles, and are on the up and up are commercial buildings. There are dozens of revitalization projects in several major cities across the United States. Office districts, shopping districts and other types are emerging from this recession.

While there are encouraging signs, other sources are more cautious when it comes to issues regarding the recovery of the economy. In a report issued by the Equipment Leasing & Finance Foundation states that there will be a slowdown in the equipment industry. There are a number of factors for this, which has to do with the overall world economy. Problems within Europe like the debt crisis in Spain, Italy, Greece and Portugal, along with problems with Asia have made the economy slow down.