April 16, 2021
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Home improvement and repair spending will continue at a healthy pace through 2021 and into the following year, according to the Joint Center for Housing Studies of Harvard University (JCHS). By the first quarter of 2022, JCHS predicts a 4.8% growth in renovation and repair spending. Stimulus payments and home price appreciation are incentivizing homeowners to invest in their homes, a trend that moves past just DIY projects. Homeowners who opted out of professional work due to health concerns are returning, which will bring remodeling expenditures to $370 billion by early 2022.
The Leading Indicator of Remodeling Activity (LIRA) provides a short-term outlook of national home improvement and repair spending to owner-occupied homes. The indicator, measured as an annual rate-of-change of its components, is designed to project the annual rate of change in spending for the current quarter and subsequent four quarters, and is intended to help identi
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