U.S. Remodeling Fully Recovered From COVID-19

Spending on residential improvements in the U.S. will continue to grow at a healthy pace over the next two years,  says the NAHB (National Association of Home Builders) Remodelers. The remodeling market declined significantly at the onset of COVID-19 in March and April 2020, but has since more than fully recovered. NAHB predicts that remodeling spending for owner-occupied single-family homes will increase four per cent in 2021 and increase two per cent in 2022. “NAHB estimates that real spending on home improvements will continue to increase in 2021 and 2022 throughout the COVID-19 pandemic,” says Paul Emrath NAHB’s assistant vice-president for surveys and housing policy research. “The biggest factors prohibiting stronger growth are mainly the volatile material prices and labour shortages.”