Remodeling spending to slow in 2020: JCHS

Spending on home remodeling may increase just 1.5% in 2020
(Photo: Soph, Dreamstime.com)

Spending on home remodeling may increase just 1.5% in 2020, according to Harvard’s Joint Center for Housing Studies, down from an average annual growth of about 5%.

The Leading Indicator of Remodeling Activity projects that remodeling expenditures should pick up over the course of the year, eventually expanding to $330 billion.

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“While home building and sales activity are now firming, softness from earlier last year will continue to pull on remodeling spending growth in 2020,” Abbe Will, research associate and associate project director of remodeling futures at JCHS, wrote in the report.

Will added, “However, the slowdown should begin to moderate by year-end as today’s healthier housing market indicators will ultimately lead to more home renovation and repair.”

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Danielle Andrus

Danielle Andrus is the managing editor of Colorado Builder. She can be reached at [email protected].

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