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Business Support | Research
October 21, 2021

Home Remodeling Spending Predicted to Grow by 9% in 2022

Harvard Joint Center for Housing Studies predicts continued increases in remodeling spending into the coming year.
Jason Knott  
Home Remodeling Spending Predicted to Grow by 9% in 2022

The study predicts remodeling spending will rise by 9% in Q4 2021 and maintain that pace into 2022.

Article:
Business Support | Research
October 21, 2021

Home Remodeling Spending Predicted to Grow by 9% in 2022

Strong growth in home improvement and maintenance expenditures is expected to continue over the coming year, according to the Leading Indicator of Remodeling Activity (LIRA) released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. The LIRA projects year-over-year gains in annual remodeling spending will reach 9% 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,” says Carlos Martín, Project Director of the Remodeling Futures Program at the Center. “The rapid expansion of owners’ equity is likely to fuel demand for more and larger remodeling projects into next year.”

“With these tailwinds, annual improvement and repair expenditures by homeowners could reach $400 billion by the third quarter of 2022,” says Abbe Will, Associate Project Director of the Remodeling Futures Program. “Yet there are several headwinds that could still taper the expected growth in remodeling spending including the rising costs of labor and building materials, as well as increasing interest rates.” 

A year after the unprecedented changes to the U.S. economy brought on by the pandemic, many economic indicators are showing extreme percent changes from pandemic-induced lows. To reduce the enormous growth rate volatility generated by these year-over-year comparisons, the remodeling spending projections for 2022-Q2 and -Q3 utilize smoothed data for three leading model inputs: residential remodeling permits, single-family housing starts, and existing single-family home sales. Using unsmoothed inputs in the LIRA model would have projected unlikely annual growth rates roughly two-thirds larger than reported. The Remodeling Futures Program will continue to monitor input volatility.

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ABOUT THE AUTHOR

Jason Knott
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Jason Knott:
Jason Knott is Chief Content Officer for Emerald's Connected Brands. Jason has covered low-voltage electronics as an editor since 1990, serving as editor and publisher of Security Sales & Integration. He joined CE Pro in 2000 and serves as Editor-in-Chief of that brand. He served as chairman of the Security Industry Association’s Education Committee from 2000-2004 and sat on the board of that association from 1998-2002. He is also a former board member of the Alarm Industry Research and Educational Foundation. He has been a member of the CEDIA Business Working Group since 2010. Jason graduated from the University of Southern California.
View Jason Knott's complete profile

ARTICLE TOPICS

Business Support • Research

ARTICLE TAGS

Housing • Research

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