A new survey by one of the leading producers of fiber reinforced cement shows that homeowners are taking severe weather threats seriously and is a driving force on which projects they take up and how much they spend.
James Hardie Industries commissioned a survey of 1,000 homeowners from Wakefield Research that is intended to “illustrate the impact of homeowners' concerns about severe weather on their home renovation spending and choices.”
The survey revealed that a vast majority, 76% to be exact, of homeowners reported that their renovation plans were influenced by the possibility of extreme severe weather events that have become more common over the last few years.
54% of surveyed homeowners responded that just the thought of extreme weather events influenced their decisions about home renovations while just under half of respondents (47%) said they know someone who has completed a weather-related renovation. In addition, 75% of completed renovations by respondents were to the exterior of their home.
"The impact of climate change and severe weather on home design and spending is something we have been closely watching for several years now. Homeowners are looking to protect their homes and their families inside those homes. At James Hardie we believe our products provide that trusted protection," says Fran Flanagan, Head of Consumer Insights at James Hardie. "Fiber cement siding is noncombustible and offers superior home protection against extreme weather, such as flooding, wind and fire. We have seen a marked increase in our consumers choosing Hardie siding with the goal of better protecting their home from the elements."
As the pandemic continues to give people more time at home, many homeowners are reassessing their properties to determine what needs to be done and in what order. 70% of surveyed homeowners said their home exterior need refreshing.
“According to the Leading Indicator of Remodeling Activity (LIRA), annual gains in homeowner improvement and maintenance spending were set to accelerate in the second half of 2021 and remain elevated through mid-year 20221,” the survey said. “James Hardie's study confirms this trend: 87% of homeowners said they want to continue renovating in 2022.”
One interesting fact discovered by the survey is who are completing projects and how much is spent on average. The survey found that millennials completed more COVID-era projects than their Generation X counterparts, or their baby boomer grandparents. In addition, millennials spent much more money than other generations—an average of $40,600 for millennials compared to $10,000 and $11,000 for Gen x and boomers, respectively.
"We constantly hear homeowners say that they are tired of 'living with' their home's current siding. This desire for new designs is strengthened by the fact that, according to our survey, most consumers (89%) agree that exterior renovations provide a strong return on investment," said Amy Lamparske, Chief Digital Officer and Vice President of Marketing at James Hardie. "As we transform to a consumer-centric brand, we seek to inspire the homeowner to see the choices and possibilities that exist in the world of home exteriors."