ServiceMagic.com released its Home Remodeling and Repair Index for the second quarter of 2009, and the data indicates consumers are still somewhat cautious in home remodeling spending. But confidence is substantially increasing, especially among baby boomers. The Web site revealed that after careful behavior in the first quarter, homeowners are starting to spend more in home improvement, with focused efforts on bathroom and kitchen remodels.
The baby boomer generation submitted more than half of the service requests in the second quarter. The index also shows moving requests are down 42 percent nationally, indicating more people are staying in their homes.
“Home improvement activity in the most recent quarter reflects that baby boomers are the first to bounce back after the economic turmoil the nation recently experienced,” said Craig Smith, CEO of -ServiceMagic.com. “It seems homeowners, in general, are now cautiously but increasingly optimistic about home improvement as both a valuable investment in their homes and as a profitable way of life, respectively.”
Homeowners plan to take on small projects with the intent to head into large-scale remodels in early 2010. The data measures the 1.3 million service requests received by ServiceMagic.com in the second quarter of this year, comparing the numbers to the same quarter of 2008.
Notable from the key findings, 80 percent of home service professionals responding to the service professional sentiment survey say they are optimistic about their company’s performance for the rest of 2009. In similar fashion, while 67 percent of homeowners prolonged or postponed a project this quarter, 72 percent say they will reconsider the same project in 2010.