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Home remodeling is a $450 billion market, and it’s only going to get bigger

If you’ve ever undertaken a big kitchen renovation, finished off a basement, or added a wing to your home, you know the feeling: no matter what the contractor promises, remodeling takes longer and costs more than anyone ever expects.

That’s a drag for homeowners, but not for the economy. As a new report out Tuesday shows, home remodeling punches above its weight as far as contributing to growth – and it keeps ticking even as the housing market takes a licking. And there are signs that it will continue to command a sizable – and growing – portion of household budgets and the national economy in the future.

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