Currently Reading

Home Improvement Spending Expected to See 2021 Gains

Advertisement
Remodeling

Home Improvement Spending Expected to See 2021 Gains


October 15, 2020
Kitchen remodel in progress
Photo: New Africa

Home improvement project budgets have decreased due to the pandemic, but the Joint Center for Housing Studies of Harvard University says there will be moderate gains in homeowner spending through most of next year. By the first quarter of 2021, it is predicted that renovation and repair spending will see an annual growth of 4.1%. By the third quarter, these gains will drop down to 1.7%. The growth is still below pre-pandemic labels, but could be bolstered even more by the current home sales activity. 

“The remodeling market is bouncing back from the initial shocks caused by the pandemic, as homeowners continue to spend significant time in their home and are adapting it for work, school, and leisure,” says Chris Herbert, Managing Director of the Joint Center for Housing Studies. “The surge in DIY and small project activity is lifting the remodeling market, but it remains to be seen if the strong sales market this summer translates into larger improvements that would drive even stronger growth in the coming quarters.”

“Annual expenditures for renovation and repair of the owner-occupied housing stock are expected to rise from about $332 billion today to $337 billion by the latter half of 2021,” says Abbe Will, Associate Project Director in the Remodeling Futures Program at the Center. “While a softening of growth is projected in 2021, recent strengthening of home prices and sales activity—including second home purchases—could provide further boosts to remodeling and repair next year.”

Read More

Related Stories

Remodeling

Majority of Remodelers Report Lumber, Other Material Shortages

The rising cost of lumber and disrupted supply chains continue to affect nearly all areas of the industry. The National Association of Home…

Home Improvement Has Surged, Here's Why and Its Effects

Home improvement projects are at an all-time high, according to NPR. The chief economist at Porch.com, an online marketplace dedicated to…

Market Data + Trends

Homeowner Interest In Extensions, Additions Grows By 52%

Without knowing when working and schooling from home will come to an end, many homeowners are pushing forward on major home renovations. As the…

Advertisement

More in Category




Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.