Remodeling gains predicted

Moderate gains in homeowner spending for improvements and repairs are expected through much of next year, according to a report from the Joint Center for Housing Studies at Harvard University.

Spending for renovation and repair is project to increase 4.1 percent in the first quarter of 2021.

“The remodeling market is bouncing back from the initial shocks caused by the pandemic, as homeowners continue to spend significant time in their home and are adapting it for work, school and leisure,” Chris Herbert, the center’s managing director, said in a statement.

“The surge in DIY and small project activity is lifting the remodeling market, but it remains to be seen if the strong sales market this summer translates into larger improvements that would drive even stronger growth in the coming quarters.”