SALT LAKE CITY--(BUSINESS WIRE)--In his response to Harvard University’s Leading Indicator of Remodeling Activity (LIRA) report, released recently, EnerBank USA President & CEO Charles Knadler said contractors who provide a choice of payment options to all of their customers could see up to 30 percent growth in sales—or more—during an industrywide increase in home improvement spending.
The report by the Remodeling Futures Program at Harvard’s Joint Center for Housing Studies said home improvement and repair expenditures will “remain elevated” throughout 2017, with spending levels ending the year up 6.7 percent at $317 billion.
“Growth in home prices is continuing at a healthy pace and encouraging homeowners to make remodeling investments,” Chris Herbert, managing director of the Joint Center for Housing Studies, wrote in the release. “Home sales are remaining on an upward trajectory, as well, and this coupled with continued growth in remodeling permit activity suggests another strong year for home improvements.”
“The real question now is not whether consumers are going to remodel or repair, but which contractor they will choose for the job,” Knadler said. “As past experience has shown, contractors who can offer a choice of a same-as-cash loan and a loan with low monthly payments will get the lion’s share of new business. Many consumers will choose financing that is easier and faster to get than home equity loans and less expensive than high interest credit cards.”
About EnerBank USA—America’s home improvement lender of choice
EnerBank, Member FDIC, is a highly specialized bank headquartered in Salt Lake City. It exists to help home improvement contractors grow their businesses and consumers improve their homes. EnerBank provides unsecured home improvement loans to homeowners through strategic business partners and independent home improvement contractors throughout the United States. Strategic partners include manufacturers, distributors, franchisors, and major retailers of home improvement, remodeling, and energy-saving products and services. EnerBank USA is a fair housing lender and makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. Visit www.enerbank.com for more information.
