Spending on home improvements and repairs is expected to continue to grow throughout 2022 and into 2023, but at a decelerating pace, according to Harvard University’s Joint Center for Housing Studies.
Year-over-year increases in residential renovation and maintenance are projected to peak at 19.7% in the third quarter of 2022 and then slide to 15.1% in the first quarter of 2023.
“The level of annual expenditures for home improvements and repairs is set to expand to nearly $450 billion by the first quarter of 2023,” the study states. “Yet, the rising costs of project financing, construction materials, and labor, as well as growing concerns about a broader economic slowdown or recession may further slow remodeling growth.”
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