The U.S. owner-occupied housing stock is aging rapidly especially after the Great Recession, as residential construction continues to fall behind in the number of new homes built. With a lack of sufficient supply of new construction, the aging housing stock signals a growing remodeling market, as old structures need to add new amenities or repair/replace old components.
Rising home prices also encourage home owners to spend more on home improvement. Over the long run, the aging of the housing stock implies that remodeling may grow faster than new construction.