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In our last blog post, we highlighted some of the big-picture developments that are shaping construction and remodeling at the dawn of a new decade.
This time, we take a closer look at the design trends influencing both residential and commercial projects.
Home improvement and repair spending is expected to exceed $330 billion in 2020. That’s a 1.5% increase, according to the Joint Center for Housing Studies at Harvard University. Trends driving demand include low mortgage rates, young adults entering their peak buying years and older folks looking to downsize or age in place.
As for commercial remodeling, the global market is projected to reach $2 trillion in value by 2024. Key objectives for building renovations include reducing fixed costs, increasing energy efficiency and creating an appealing work environment for attracting — and retaining — a qualified workforce.
Based on national averages, home improvements with the highest return on investment include manufactured stone veneer, garage door replacement and midrange minor kitchen remodels. Other buyer-friendly updates include neutral paint colors, refinished wood floors and modern light fixtures.
Here are some other features showing up on wish lists for new builds and remodels:
Many companies are investing in building and remodeling to control costs, boost the customer experience and even help with talent acquisition. In today’s tight labor market, an appealing physical workspace helps to attract and keep qualified employees.
Just like residential homeowners, companies of all sizes can cut down on energy costs with eco-friendly design elements. Greener facilities also boost morale and productivity.
For brick-and-mortar retailers, customer-centric design creates a memorable shopping experience in response to competition from online stores.
Finally, empty retail spaces can be reinvented for new uses when stores do close.
As building and remodeling preferences continue to evolve, quality materials and tools are more important than ever. At Mid-City Lumber, our experienced professionals are here to make sure you have everything you need to make your project a success. Contact us today!