Growth in home improvement spending is, in line with the broader housing market’s snail-slow recovery, expected to soften during 2015, according to the Joint Center for Housing Studies of Harvard University.
Annual growth in home improvement spending will decelerate from 6.3 percent in the first quarter of 2015 to 1.6 percent in the third quarter, the Leading Indicator of Remodeling Activity projects.
“Due in part to weakening home sales last year, growth in remodeling spending is expected to deflate somewhat in 2015,” said Chris Herbert, managing director of the Joint Center, in a statement. “Homeownership rates continue to slide as lending remains tight and first-time homebuyers are not yet returning to the market.”
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