From the point of view of construction and remodeling industry the biggest irony of the housing bubble collapse and economic downturn that followed it, is that both commercial construction and residential remodeling companies which used to rip great profits during the housing boom, suffered immensely once the housing market collapsed. “The recent remodeling downturn was the most severe in the last 25 years, with a 12.5% decline in remodeling spending from 2007 to 2009”. (Citation: http://www.remodeling.hw.net/economic-conditions/state-of-the-nations-housing-remodeling-industry-poised-for-growth.aspx)
While it is true that every segment of the industry has suffered the consequences of the economic recession, commercial construction companies and businesses that are dependent upon the overall health of the construction and remodeling industry (Building material suppliers, and manufacturers) were among the ones most affected by the turmoil of global recession and global economic downturn.
Cost-to-Value, Remodeling Costs Recouped as a percentage of resale value