seniorAccording to a new report from CareerBuilder, the remodeling industry isn’t just back. It’s poised to become one of the fastest-growing fields between now and 2019. In that time, the residential remodeling industry will grow by 26%, adding 148,000 jobs in this field alone. If this is the year that the remodeling market makes a full recovery to levels seen before the recession – and continues to grow beyond that – one key demographic that may influence this growth is the baby boomer audience.

Fueling the boom by aging-in-place
As the boomer generation continues to age, the type of remodeling work done may very well shift with it. True, some may engage in full-scale kitchen and bathroom renovations of over $75,000 in preparation of a move, but it appears likely that a greater number may choose less expensive projects to accommodate their aging in place. Think less about bathroom overhauls and more about bathroom with wheelchair accessibility. It’s not unreasonable to think that, if the budget is right, boomers will at least explore converting a 2nd bathroom on the main floor into a full bathroom. Similarly, the timing may be right to have a conversation about kitchen or bathroom refinishing in that the investment is quite economical for an outstanding return. In fact, a report by the Joint Center for Housing Studies (JCHS) at Harvard University, “Housing America’s Older Adults,” suggests that the peak time to talk to boomers may be those in their early 50’s who are still working and are likely many years from facing the kind of long-term care expenses that would compete for remodeling dollars.

Nearly 1 in 3 will be minorities
 If current trends hold 15 years from now, decisions made on remodeling could even impact more people within the household. Why? Within the age bracket of those 65 to 79-years-old, 30% will be minorities. It’s predicted by Harvard researchers that this segment, particularly Hispanics and Asians, will embrace the environment of multiple generations living under one roof more so than we’ve ever seen before. In other words, rather than frequent moves from place to place, expect a significant number of boomers to look to beautify their existing space – all with the goal of maximizing their dollars as well as in the event multiple generations join them in the same household. Considering the size of the boomer audience to begin with, it’s the kind of demand should fuel one of the hottest industries for jobs for many years to come.