JCHS: Remodeling Expected a ‘Strong’ Growth Through 2022
According to the Leading Indicator of Remodeling Activity (LIRA) from Harvard University’s Joint Center for Housing Studies, “strong growth” in home improvement and maintenance expenditures is predicted to continue in the following year.
Based on the data provided by LIRA, year-over-year growth in yearly upgrade and repair spending will exceed 9% in the fourth quarter of this year and will continue into 2022.
“Residential remodeling continues to benefit from a strong housing market with elevated home construction and sales activity and immense house price appreciation in markets across the country,” Carlos Martin, project director of the Joint Center’s Remodeling Futures Program in Cambridge, MA said.
“The rapid expansion of owners’ equity is likely to fuel demand for more and larger remodeling projects into next year.”
“With these tailwinds, annual improvement and repair expenditures by homeowners could reach $400 billion by the third quarter of 2022,” Abbe Will, the Remodeling Futures Program’s associate project director stated.
Will cautioned that “several headwinds,” such as rising labor and building material costs, as well as rising loan rates, “could still taper the expected growth in remodeling spending.”
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