Spending on home renovations and repairs is projected to grow 3.8% by the end of 2021 to $352 billion, according to Harvard University’s Joint Center for Housing Studies.
Remodeling activity reached $339 billion in 2020, according to JCHS.
“The remodeling market continues to benefit from a strong housing market—including accelerating growth in homebuilding, sales, and home equity,” the study states. “In addition to routine replacement and repair projects, homeowners are likely to pursue more and larger discretionary home improvements this year as the broader economy recovers.”
“Spending in 2018 and 2019 was slightly more robust than previously estimated, growing 12.8 percent over these two years compared to 11.5 percent as estimated,” the study added.
The full JCHS study can be found here.
