Home Improvement, Maintenance Spending To Increase

Annual gains in U.S. homeowner improvement and maintenance spending are to increase in the second half of the year and remain elevated through mid-year 2022, says the Leading Indicator of Remodeling Activity (LIRA) at the Joint Center for Housing Studies of Harvard University. The LIRA projects annual growth in home renovation and repair expenditures is predicted to reach 8.6 per cent by the second quarter of next year. “Home remodeling will likely grow at a faster pace given the ongoing strength of home sales, house price appreciation, and new residential construction activity,” says Chris Herbert, managing director of the Joint Center for Housing Studies. “A significant rise in permits for home improvements also indicates that owners are continuing to invest in bigger discretionary and replacement projects.”