CAMBRIDGE, MA — Spending for improvements and repairs on owner-occupied homes is expected to rise “only modestly” in 2020, according to the Joint Center for Housing Studies of Harvard University.
The Joint Center’s latest Leading Indicator of Remodeling Activity (LIRA), released in mid-January, projects that residential remodeling expenditures will rise by just 1.5% in 2020, compared with annual gains of 5-7% in recent years.
“While homebuilding and sales activity are firming, softness from earlier last year will continue to pull on remodeling spending growth,” said Chris Herbert, managing director of the Cambridge, MA-based Joint Center. “However, the slowdown should begin to moderate by year-end as healthier housing market indicators will lead to more home renovation and repair.”
Herbert added that despite the “lackluster” growth, homeowner remodeling spending this year is still set to expand to more than $330 billion.
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