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LIRA predicts below-average remodeling growth by 2020

from Remodeling

Annual gains in remodeling spending are expected to continue a pattern of deceleration through early 2020, according to the latest Leading Indicator of Remodeling Activity, released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. The LIRA projects year-over-year growth in remodeling spending will shrink to 2.6% in the first quarter of 2020, 4.4 percentage points lower than today.

Homeowners are estimated to have spent $339 billion on remodeling in the first quarter of 2019, a 7% increase from a year earlier, and are expected to spend $345 billion in the second quarter, marking a 6.9% year-over-year increase. Spending on remodeling is projected at $347 billion in the first quarter of 2020, only a 2.6% increase from the spending estimated for the first quarter of 2019. more

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