U.S. Home Improvement Industry Will Continue To Grow

There has been strong growth in the U.S. home improvement and maintenance expenditures, says the ‘Leading Indicator of Remodeling Activity’ (LIRA) report by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. The report says annual improvement and repair spending will reach nine per cent in the fourth quarter and maintain that pace into 2022. The expansion of owners’ equity is likely to fuel demand for more and larger remodeling projects into next year and residential remodeling continues to benefit from a strong housing market with elevated home construction, says Carlos Martín, project director of the Remodeling Futures Program. However, rising costs of labour and building materials and increasing interest rates could affect the expected growth.