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Home Improvement Is Booming Again

Home improvement retailer Lowe's boosts stock buyback program to up to $7.4 billion | Star Tribune

More than half (57%) of homeowners have a home improvement project on their to-do list this year. And were not talking minor touchups or a quick coat of paint. More than one-third (36%) of homeowners plan to spend $5,000 or more this year on renovations . And 18% are stepping up and knocking more than $10,000 out of the park to dust off the old home plate, according to a Harris Poll conducted for SunTrust. The planned projects are near evenly split between home updates (52%) and repairs (49%), with the most popular improvements including: Decks, patios and landscaping (43%) Bathroom remodels (29%) Kitchen updates (26%) George Peters/Getty Images Contractors remodeling kitchen And while in past years tapping a home equity loan was the go-to method to fund such improvements, most consumers (59%) say theyll raid their savings accounts instead. Other homeowners, buoyed with growing confidence in the economy, will pull out their credit cards (30%).
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The Mooresville, North Carolina-based company still has $2.4 billion left over from its previous program, bringing the fund to $7.4 billion. When a company buys back its shares, it returns cash to its shareholders and also boosts its per-share earnings. The improving U.S. economy has given homeowners more money and confidence to do work on their houses, a boon for retailers like Lowe's and Home Depot. Many economists think the housing market will improve in the spring.
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