Home improvement and repair spending will increase 8.6 percent by the end of 2016, according to the Leading Indicator of Remodeling Activity released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.
The gains in home prices and sales will encourage homeowners to undertake more improvement projects this year compared with last year, according to a statement from Chris Herbet, the Joint Center’s managing director. He said he expects the level of annual spending for remodeling and repairs to reach $325 billion by the start of 2017.
Full LIRA data is available online.
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