flexiblefullpage - default
Currently Reading

Remodeling Sector Eyes Slower Growth Ahead in 2023

Advertisement
billboard - default
Remodeling

Remodeling Sector Eyes Slower Growth Ahead in 2023

Affordability concerns and moderating home price appreciation are causing a slowdown in the remodeling sector, though spending is expected to remain historically high into the year ahead


July 21, 2022
Person pulling up hardwood floor
Image: Stock.adobe.com

A widening affordability crisis is causing a slowdown in home sales and forcing builders to pump the brakes on new housing construction, and it may also have an adverse effect on the remodeling sector in the year ahead. Though it’s already beginning to soften, spending for home improvements and repairs is expected to remain well above the market’s historical average of 5%, and annual remodeling expenditures are still set to expand to nearly $450 billion in the first half of 2023, Harvard’s Joint Center for Housing Studies reports.

The LIRA projects year-over-year gains in remodeling expenditures to owner-occupied homes will decelerate from 17.4 percent in 2022 to 10.1 percent by the second quarter of 2023.

Slowing sales of existing homes, rising mortgage interest rates, and moderating house price appreciation are expected to dampen owners’ investments in home improvements and maintenance over the coming year. Steep slowdowns in homebuilding, retail sales of building materials, and renovation permits all also point to a cooling environment for residential remodeling.

Read more

Related Stories

Remodeling

What’s Next for the Remodeling Sector in 2023?

Remodeling demand is waning, but as fewer homeowners can afford to relocate, remodelers are still filling backlogs with a steady stream of new projects

Healthy Homes

Healthy Home Upgrades Will Focus On Wellness and Relaxation in 2023

Homeowners are upgrading their living spaces for increased comfort and wellbeing in 2023. Here are the top renovations for the year ahead...

NAHB

Get Connected at an IBS Central

From remodeling to multifamily, IBS Centrals are geared toward niche markets so you can connect with like-minded housing-industry pros 

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category




Advertisement
native2 - default
Advertisement
halfpage1 -

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.