Home renovation and repair expenditures are projected to see an annual gain of 8.6% by the second quarter of 2022—from around $350 billion to $380 billion, according to a study by the Joint Center for Housing Studies (JCHS).
The projection is based on the ongoing strength of home sales, house price appreciation and residential construction activity.
“A significant rise in permits for home improvements also indicates that owners are continuing to invest in bigger discretionary and replacement projects,” JCHS Managing Director Chris Herbert said in a statement.
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