(updated on 2-06-17)
I had an interesting call a few months ago from a reporter with a large local news paper. She was new on the beat and thought that an article on how even during these difficult economic times that the remodeling industry was doing great. Her logic was, and she had heard that re-modelers were busier than ever because home owners were not moving up, choosing to up grade kitchens, baths, basements and complete home additions.
I have always subscribed to a construction monitor report that shows all the permits issued in the state for residential construction. We have been tracking it on and off for 7 years. We can take the data )number of permits by type and average value by type) and see the trends in residential construction.
This reporter could not have been more off track. Basement finishing was down 60% in value or permits, and that trend runs across all major dollar residential construction.
I referred her to that report, and the Home Builders Association for more information. Yet with all of these difficult statistics there are in fact residential contractors doing well. In these cases, the owners have adjusted to the current situation, changed their business models, and moved into higher volume services.
An excellent example is ElkStone Basements. They seem to be growing every quarter based on a unique business model that allows them to build a complete basement in less than 5 weeks. They build them that quickly in Denver, Parker, littleton, Thornton, Broomfield, Castle rock and through out the metro area. Based in Parker , they have been finishing basements for years. You can view them at www.elkstonebasements.com
All of this goes to show that a business who is dedicated to growing, even during tough economic times, can do so.
Now three years later, it’s a different view. Remodelers are very busy, and it seems that those who managed to grow during the difficult times have done exceptionally well as business started to boom.
A booming market also brings new business models. A very interesting company, Owners Assist Remodeling is offering to assist the home owner be there own contractor and save money. See his remodeling and basement finishing services.
- What does a basement cost to build in Denver?