As the COVID-19 crisis continues to cause uncertainty in much of the economy, plans for home improvement projects are still moving forward in 2020, a LightStream survey conducted by Wakefield Research found.
The survey, conducted in May, found that 73% of homeowners are planning renovation projects this year. The results are down from 77% of homeowners in a survey taken in January.
Thirty-five percent of homeowners in the survey reported “home repairs” as part of their renovation plans, with 33% planning bathroom renovations and 32% planning kitchen renovations. Nearly 50% of those with home improvement projects had plans for outdoor projects this year.
“As a result of COVID-19 shutdowns that closed offices, businesses, schools and more, self-isolation has forced Americans to take a much closer look at their homes,” stated Todd Nelson, senior VP of strategic partnerships at LightStream, an online consumer lender. “Many have clearly decided that renovation remains the right move. And they’re acting on it.”
