Houzz: Renovation Project Spending Grew 9% in 2023

The median amount spent on renovation projects by homeowners grew 9% in 2023 to $24,000, according to the 2024 U.S. Houzz & Home Study.

The median spending on home renovation projects has continued to grow steadily since the pandemic, and was up 60% compared with 2020.

However, the number of survey respondents who undertook renovations in 2023 declined two percentage points compared with 2022 to 56%.

Carpet/flooring specialists made up 22% of specialty service providers hired by homeowners in 2023, with carpenters coming in at 27%, painters at 29%, plumbers at 37% and AC/heading specialists and electricians both at 40%.

Noncarpet flooring was also the sixth most frequent improvement-related material purchase in 2023 at 40%.

The full Houzz report can be found at this link

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