The basement remodeling market grew 2007-2008 despite slowing economy and housing downturn. And, this niche market segment is projected to continue growing.
Basement remodeling projects face particular challenges - each identified and explored in depth in this new report from SBI. Innovative new products are sparking new trends in this traditional remodel arena.
Trends and Opportunities in the U.S. Basement Remodeling Market provides a comprehensive examination of basement finishing trends in the United States as related to uses, challenges, expenditures, customer base and preferences, and the vendors and products that serve this market.
It examines the composition and strength of the market by looking at the many components that are indicators of its potential size and activity. These components include, but are not limited to, the number of existing homes that have basements, the aging of existing housing stock, home improvement expenditures, homeowner remodeling trends and the average cost of a basement remodel job.
On the basis of these and other data, SBI estimates the size of this market from 2005 to 2007 and forecasts growth from 2008 through 2012 (Chapter 2). In addition, this report discusses in detail major factors that help to explain recent growth patterns as well as those expected to affect the growth or decline of the market through 2012 (Chapter 3).
In the ever-greening climate of thinking, the fact that finishing a basement makes it easier to heat the house in the winter and cool in the summer, which adds up to energy savings, a not insignificant consideration as energy prices escalate. So who are the end users for basement finishing projects and what do they use their upgraded lower levels for? Chapter 7 answers these questions.
Report data were obtained from government sources, including the U.S. Department of Commerce, U.S. Census Bureau, U.S. Department of Housing and Urban Development and U.S. Bureau of Economic Analysis; trade associations such as the National Association of Home Builders (NAHB), the National Association of Realtors (NAR) and the Home Improvement Research Institute (HIRI); Harvard University’s Joint Center for Housing Studies (JCHS); interviews with and websites of home improvement contractors, manufacturers and dealers; industry analysts and print and online business and trade journals.
Consumer demographics and spending trends derive from data compiled by Simmons Market Research Bureau, New York, NY. Each year Simmons surveys a large sample of adult consumers about their buying habits. Simmons’ surveys, conducted through mail-in booklet questionnaires, draw on a large and random sample of consumers who represent a statistically accurate cross-section of the U.S. population. The Spring 2008 survey cited in this analysis is based on a sample of 24,581 adults representing 112,843,000 households who completed questionnaires over the October 2007 through June 2008 period.
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