Americans spent $210 billion on remodeling projects last year, an increase of 5.8% compared with spending in 2004, according to a recent report by the National Association of Home Builders. While remodeling spending surpassed $200 billion for the first time in 2005, NAHB expects spending to climb 13.2% this year to an all-time high of $238 billion. The last time remodeling spending doubled the average annual growth rate of 5.3% was in 2004, when spending climbed 12.2%.

“The devastating 2005 hurricanes, combined with rebound in the rental market, are expected to spur a historically high increase in spending this year as repair work proceeds in the Gulf states and apartment owners renovate properties to maximize rental income,” said Vince Butler, chair of the NAHB Remodelorsâ„¢ Council.