Builders and Remodelers are Optimistic about 2017
For most building and remodeling companies, 2016 was a banner year. This trend looks like it will roll into 2017 as new construction, remodeling, and home improvement sales remain robust. It’s hard to drive more than a block or two without seeing a house with a construction dumpster in the yard or a remodeling crew on the property. It appears that everyone you talk to is having work done on their homes. Things are looking optimistic in the building business. To explore this further, here’s a look at the pulse of the building and remodeling industry for 2017.
Business owners in the industry are very optimistic. Consumer demand for home improvement and new housing is keeping most companies extremely busy. This is also trickling down to sub trades from roofers to painters and everyone in between. The demand is causing many reputable contractors to have a significant backlog of work.
While this is a great “problem” to have, it can impact the timeline for the customer. If you are planning a project, you should be aware that the timing you are hoping for is not always achievable for busier respected firms. Factor in extra time to your own timeline so you can wait for a respected and reliable company to be available to do your work.
If you really want to know how the economy looks in the remodeling world, ask a banker! I talked with Brian Hanley from Middlesex Bank, and Michael Isaac from Needham bank, to get their thoughts.
Brian Hanley, a commercial lender at Middlesex Savings Bank, says, “Things have ticked up a notch, that’s for sure. My customers have been busy across the board.” Hanley noted, “2017 should be a good year.”
Michael Isaac, a residential lender at Needham Bank, says he’s expecting a very busy year as well. “There are some great programs out there for first-time home buyers, with 3 to 5 percent down, so that’s helping stimulate some home sales.” Isaac said. “When homes are selling, that’s good for the remodeling industry…2017 will be busy, and even if rates move up, building and remodeling will stay optimistic and strong.”
Clearly, the outlook for 2017 for the building industry is extremely positive, optimistic, and upbeat. This is especially true in our area, including Boston and metro areas inside the 495 belt, which have traditionally stayed busier than other parts of the country in both the real estate and building/remodeling industry. Because of this, expect a bit of a wait from reputable contractors.
Remember, there’s no benefit in getting a project done a month or two earlier if the workmanship is poor. A good contractor will be honest with you from the start about any backlog or schedule limitations. If you are planning a project this year, just be sure to plan a little further ahead than you may think. You’ll end up with the right contractor, and it will be worth the wait.
