Sports World and Remodeling Industry Eerily Similar … Kind Of

Filed in Business Management, Remodelers by on October 31, 2017 0 Comments

Knocking a home run and knocking down a kitchen wall are two very different things. But the sports world and the remodeling industry do have some interesting parallels.

For example, the Golden State Warriors won the 2017 NBA Championship by beating the Cleveland Cavaliers four games to one. A strikingly similar margin is reflected in each city’s remodeling spending: This year, Oakland residents are projected to spend a total of $1.9 billion, compared to Cleveland’s $572 million.

Similarly, as the New England Patriots defeated the Atlanta Falcons in the 2017 Super Bowl by a score of 34-28, the Boston area is on pace to outspend Atlanta on remodeling projects $1.9 billion to $1.5 billion.

And as for the 2017 World Series, the Houston Astros took seven games to edge out the Los Angeles Dodgers. Sure enough, Houston also comes out on top by a slim margin when comparing remodeling expenditures, spending $3.2 billion to L.A.’s $3.1 billion.

However, NAHB’s Remodeling Expenditures by ZIP Code datasets are certainly not intended for picking a winning athletic team: Their real value is in guiding a winning business.

The ZIP code datasets provide detailed illustrations of market conditions. Remodelers, product manufacturers and many other industry pros use them to gauge the home improvement spending trends in specific regions within their market to more efficiently target their marketing efforts.

As NAHB Senior Economist Paul Emrath noted in his article on Eye On Housing, average household spending per improvement project ranges from just under $2,300 to more than $22,000. The national average is $6,148 per remodeling project.

A PDF of state-level data can be downloaded, or an Excel file of data for the entire U.S. is also available. NAHB members receive a discount on both products, and NAHB Remodeler members receive state downloads for free.

Visit nahb.org/localremodels to learn more.

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