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Home remodeling boom is good news for retailers


With home prices on the rise, consumers are once again investing in remodeling and repair projects.

Annual spending on home remodeling is set to hit $3251 billion by the end of 2016, according to a report byCNBC.

“As more homeowners are enticed to list their properties, we can expect increased remodeling and repair in preparation for sales, coupled with spending by the new owners who are looking to customize their homes to fit their needs," said Chris Herbert, managing director of Harvard's Joint Center.

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