Economic concerns and the stalled housing recovery are likely to dampen home-improvement spending this year, according to the Leading Indicator of Remodeling Activity (LIRA) released by Harvard University's Joint Center for Housing Studies. The LIRA projects annual remodeling spending slowing throughout 2011, with spending increasing only 0.2 percent.
"Given all the economic uncertainty that we're seeing nationally, the home improvement recovery is expected to be rocky," said Eric S. Belsky, managing director of the Joint Center. "Spending patterns through the remainder of the year are expected to reflect recent volatility in the housing market."
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