Real Estate & Home

Remodeling Spending Surges in Michigan and Continues To Outpace Construction Nationwide

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Michigan leads the nation in remodeling spending growth, with a 10.1% annual increase to $637.6 million in Q1 2023, outpacing other states and reflecting homeowners' preference for improving their current homes over buying new ones due to high interest rates and home equity gains. This trend benefits contractors and suppliers as more homeowners invest in larger, comprehensive renovation projects rather than moving to new properties.

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