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Remodeling Rebounds, Business and Industry Trends Analysis

Many homeowners were remodeling in order to increase energy efficiency, while others to capitalize on tax credits for new appliances and other energy saving improvements. Yet another reason Americans consider remodeling is to add space for live-in relatives such as grown children or aging parents. Remodeling skyrocketed during the Coronavirus pandemic, as some people following stay-at-home orders caught up on long-desired projects and others added dedicated work-at-home space.

The Leading Indicator of Remodeling Activity (LIRA) reported home renovation spending was expected to drop by almost 14% from 2022 to 2023 as people began going back to work. Spending was further curtailed by the appreciation of prices faced by home buyers and the growing difficulty in obtaining mortgages. Renovations are also expected to slow due to consumers’ difficulties with inflation-fueled boosts in the costs of labor and materials.

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