Gains in remodeling should continue

Strong growth in home improvement and maintenance expenditures is expected to continue over the coming year, according to the Leading Indicator of Remodeling Activity from the the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.

The LIRA projects year-over-year gains in annual improvement and repair spending will reach 9 percent in the fourth quarter and maintain that pace into 2022.

“Residential remodeling continues to benefit from a strong housing market with elevated home construction and sales activity and immense house price appreciation in markets across the country,” Carlos Martín, the program’s project director, said in a statement. “The rapid expansion of owners’ equity is likely to fuel demand for more and larger remodeling projects into next year.”