Despite a cooling housing market, homeowners are expected to rack up $238 billion in remodeling costs by the end of this year — and Washingtonians are expected to be among the top spenders. With those promising figures in mind, a new magazine aimed at remodeling enthusiasts hit Washington-area newsstands Tuesday.
Metro Washington Home Improvement, a free monthly publication from Georgia-based Network Communications Inc., is being distributed in multiple locations throughout the Washington region, such as home improvement retailers and convenience stores.
“We are very excited about bringing this magazine to Washington,” said Vince Mannino, publisher of Metro Washington. “The timing couldn’t be better. Nationally, the home improvement and remodeling category is booming and locally the same is true of the metropolitan Washington, D.C., area.”
The Washington region is one of the fastest-growing remodeling markets in the country, outpaced only by Miami and Los Angeles. The market is so strong because of — not in spite of — the cooling housing market, said Jim Lapides, a spokesman for the National Association of Homebuilders Remodelers Council.
“The home prices and real estate market have been very, very strong and when people buy and sell homes they invest money into the home,” Lapides said. “And even though the market isn’t as hot, that spending continues on for a few years. … The fact that some people will decide to stay in place instead of move, they’ll invest that home equity in home remodeling.”
Americans spent $215 billion on remodeling projects last year, the first time in history the industry surpassed the $200 billion mark. It is expected to grow by more than 10 percent by the end of this year. The National Association of Homebuilders doesn’t track specific statistics by city, Lapides said, but Washington is ready for a home improvement magazine. “I don’t think that the publishers are far off in that there’s a very strong remodeling market in Washington.”
About the publisher
» Network Communications is the leading publisher of printed and online real estate information in North America. The company was acquired by Citigroup Venture Capital Equity Partners in January 2005. In addition to Metro Washington Home Improvement, it publishes The Real Estate Book, Apartment Finder and Apartment Blue Book. Network publishes similar home improvement titles in Atlanta, St. Louis, Seattle and Las Vegas.
