Remodeling upturn expected to carry into 2022

Growth in improvement and repair expenditures to owner-occupied homes is expected to remain solid throughout the year and into 2022, according to the Leading Indicator of Remodeling Activity report from the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.

The LIRA projects a healthy pace of mid-single digit gains in annual home renovation and repair spending this year, with 4.8 percent growth by the first quarter of next year.

“With a financial boost from recent federal stimulus payments and strong house price appreciation, homeowners are continuing to invest in the upkeep and improvement of their homes,” Chris Herbert, the center’s managing director, said in a statement “This lift in incomes and ongoing strength of the housing market are providing homeowners incentives to make even greater investments in their homes this year.”