New study from Harvard Joint Center for Housing Studies reveals 36% of remodelers see home automation as biggest trend over next 5 to 10 years. Currently, only 7% of total remodeling project revenue is derived from technology.
Home automation, energy efficiency and aging-in-place will be the three dominant trends in residential remodeling for the next decade and possibly beyond.
That conclusion comes from studies by the Joint Center for Housing Studies of Harvard University that were presented at the semi-annual Remodeling Futures Conference. The studies, which polled remodelers, architects and consumers, all had the same positive momentum conclusions about home automation, energy efficiency and aging-in-place but to different degrees.
So while the custom electronics industry has been so focused on new home construction and homebuilders over the past few decades, it appears the industry has succeeded in convincing remodelers about the value. Indeed, they are finally “getting it,” but only to a certain degree. The strong evidence from the Harvard studies was tempered somewhat by discussions of being “pragmatic” about technology in homes, and a panel discussion at the event characterized that conservative nature.
According to a study by The Farnsworth Group, commissioned by Harvard, 40 percent of remodelers foresee energy-efficient products/construction as the No. 1 trend over the next 5 to 10 years. Automated systems/new technologies are the No. 2 trend, with 36 percent of remodelers seeing it as the top trend. Aging-in-place, which can range from technologies to single-story homes with flat thresholds, wider hallways and accessible kitchens and baths, is the No. 6 trend.
Read the full story. (CEPro)
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