When asked what's been driving Home Depot's recent growth, Blake said it's a lot more than just interest rates and new home sales, it's also about technology. He explained that technology is entering the home faster than ever before, from Internet-enabled thermostats and locks to new battery technology in power tools, to the many advances in LED lighting. Blake showed off one new LED light bulb with a 22-year lifespan.
As for what's hot this holiday season, Blake said Christmas trees and decorations are always big sellers, as are gifts such as power tool combos plus winter necessities including shovels, ice melt and snowblowers.
More With Frank Blake
Continuing his interview with Frank Blake, CEO of Home Depot, Cramer asked about the overall state of housing in our country. Blake said that with home prices rising, people are once again investing in their homes. He explained that according to his company's research, people with positive equity in their homes are twice as likely to spend than those underwater on their mortgages.
So where are we in the cycle? Blake said multi-generation households are currently at an all-time high, which means there is huge pent-up demand from people who want to move to their own homes. He thinks demand will be unleashed now that the economy is thawing out.
Turning back to the business of Home Depot, Blake said he spends most of his time traveling and visiting as many of Home Depot's stores as he can. Unlike years past, Home Depot is not focused on opening stores but increasing the productivity and efficiency of the thousands of locations already open. Home Depot has lots of competitors in every category, from lumber to flooring to paint, so it can't afford not to continually innovate, he said.Cramer said he remains a fan of Home Depot.