The U.S. home remodeling market went from $404 billion in 2019 to $611 billion in 2022, according to a report from the Harvard Joint Center for Housing Studies.
Home improvement and repair spending is expected to remain above $600 billion through 2025, according to the report.
The increase in natural disasters, such as hurricanes, wildfires and flooding, increased improvement spending by $49 billion in 2022.
Older housing stock is also increasing the remodeling market, as the median age of a home was 44 years in 2023.
In 2023, the average improvement spending on homes built before 1980 was 24% higher than on homes built since 2010.
Read the full report here.
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