North America’s Largest Woodworking Event | Tuesday–Friday | August 6–9, 2024

#IWFmorefor24

Industry & Trends

New Study: Home Improvement Spending to Decline Next Year

A new study by the Joint Center for Housing Studies at Harvard University projects that spending on home improvement and repairs by homeowners will decline at an accelerating rate through the first half of 2024.

While homeowners continue to spend on repairing and improving where they live this year, a new study from a prestigious research study at Harvard University says that will reverse next year, declining 2.7% in the first quarter and even more in the following three months.

The Leading Indicator of Remodeling Activity (LIRA) just released by the Joint Center for Housing Studies at Harvard University forecasts that annual spending will decline by 2.7% in the first quarter of 2024 and 5.9% through the second quarter of the year.

“Home remodeling activity continues to face strong headwinds from high-interest rates, softening house price appreciation, and sluggish home sales,” said Abbe Will, associate project director. “Annual spending on homeowner improvements and repairs is expected to decrease from $486 billion through the second quarter of this year to $457 billion over the coming four quarters.”

Carlos Martin, project director for the center said less moving activity will play a role in this reduced spending but that “the magnitude of the impact may be offset if owners who are locked into their current homes with ultra-low mortgage rates continue to renovate to meet changing needs or take advantage of new federal incentives for energy-efficiency retrofits.”

BACK TO NEWS

More Industry & Trend News

  • What Does AI Mean for Builders?

    February 28, 2024

  • Lowe’s Jumps on the Apple Vision Pro Wagon

    February 28, 2024

  • Living Timber Is the Latest Building Material

    February 28, 2024

Register to Attend

Be part of North America’s largest woodworking show and conference.

Register Now

Apply to Exhibit

Grow your business at the premier global woodworking trade show.

Exhibit at IWF 2024

Show Hours & Location

International Woodworking Fair
Tuesday–Friday
August 6–9, 2024

Tuesday–Thursday
8:30 AM–5:00 PM
Friday
8:30 AM–2:00 PM

Georgia World Congress Center
285 Andrew Young International Blvd
Atlanta, GA 30313

Get Industry News & IWF Updates

Subscribe to IWF Network News.

Subscribe Now

Terms & Privacy Policy

© 2020 International Woodworking Fair, LLC Terms of Use & Privacy Policy

3520 Piedmont Rd NE #350, Atlanta GA 30305 | (404) 693-8333

IWF 2024 Add to Calendar

Sync IWF 2024 with your favorite calendar program.

Notification Message

loading … please wait