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Home Remodeling Expected to Continue Strong

7/22/2021

Cambridge, MA - Annual gains in home improvement and maintenance spending are set to accelerate through the second half of 2021 and remain elevated through mid-2022,

Cambridge, MA - Annual gains in home improvement and maintenance spending are set to accelerate through the second half of 2021 and remain elevated through mid-2022, according to the Leading Indicator of Remodeling Activity (LIRA) recently released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University (JCHS).

“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.”

Economic indicators are showing extreme percent changes due to a year of the Covid-19 pandemic. The projection for 2022-Q2 utilizes data from two inputs: residential remodeling permits and single-family housing starts. 

Source: JCHS

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