Currently Reading

No Slowing Down for Home Improvement Projects and Sales

Advertisement
Coronavirus Resources and Information

No Slowing Down for Home Improvement Projects and Sales


June 16, 2021
home depot
Photo: Sundry Photography | stock.adobe.com

Home improvement spending grew during the pandemic and it’s not predicted to slow down any time soon. According to MarketWatch, home improvement retailers Home Depot and Lowe’s have a 17% and 12% market share, respectively, and Bank of America predicts the two will continue to see gains. Bank of America also estimates 2020 home improvement sales and services reached $767 billion, making it the 20th largest economy in the world. And as more Americans plan to purchase homes within the next two years, the future remains favorable for the industry and home improvement sales.

Analysts conducted a millennial survey that found that much of the home improvement activity will continue beyond the pandemic. Nearly three-quarters (72%) said they’re likely to buy a home in the next two years.

“As a result of a combination of more time at home, favorable household formation trends, and strong household balance sheets, demand for a wide range of home improvement projects has remained at elevated levels over the last year,” Bank of America said.

Home Depot sales in 2020 totaled $132.1 billion, and Lowe’s rang up $89.6 billion in sales, making them two of the 10 largest retailers in the U.S.

Shares are up 15.6% and 18.8% respectively for the year to date. Both have outpaced the benchmark S&P 500 index SPX, which has gained 12.3% over the period.

Read More
 

Related Stories

Design

Design Trends In and Out for 2021

The dramatic shift in design trends during the past 12 months resulted from Americans’ pandemic free time, including bingeing an HGTV show or two…

Coronavirus Resources and Information

Present and Future Impacts of the Delta Variant on the Housing Market

The housing market’s reaction to the pandemic was unexpected, but now that the delta variant is here, how will it impact the heated market?…

Coronavirus Resources and Information

Fewer Foreign Buyers Meant $20 Billion Less for U.S. Housing Market

COVID-19 restrictions kept foreign buyers from spending billions of dollars on the U.S. housing market last year, reports Realtor.com. Purchases…

Advertisement
Advertisement

More in Category




Advertisement
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.