Posted 1/18/2024, 12:00:00 PM
Home Remodeling Spending to Dip in 2024 But Stay Above Pre-Pandemic Levels
- Spending on home remodeling expected to shrink in 2024 for the first time since 2010, with a projected decline of 6.5% by end of year
- Declines attributed to "perfect storm" of high prices, elevated interest rates, and weak home sales creating uncertainty
- Despite declines, 2024 remodeling spending still easily surpassing robust pandemic levels
- Signs of easing declines by end of 2024 with recent improvements in homebuilding and mortgage rates
- Leading Indicator of Remodeling Activity (LIRA) projects short-term national home improvement and repair spending changes