U.S. Home Improvement Spend To Rise

Expenditures for improvements to the owner-occupied housing stock in the U.S. are expected to increase in nearly all of the largest metropolitan areas this year, says projections from the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. Following a pandemic-induced slowdown, projections for 2021 show annual home improvement spending growing from one to 13 per cent in 42 major metropolitan areas, while declining modestly at 1.5 per cent or less in four of the 46 metros tracked. Collectively, large metro areas are expected to see stronger remodeling gains in 2021 with an average growth of almost five per cent compared to an estimated gain of two per cent in 2020.