The COVID-19 pandemic—and the fact that people were forced to spend more time at home—created a huge demand for home remodels. And even as vaccine distribution expands, more restrictions are lifted, and the country moves towards “normalcy”, it looks like that demand is not going anywhere.
According to data from Harvard University’s Joint Center for Housing Studies’ Leading Indicator of Remodeling Activity, spending on home renovation and remodeling is projected to increase by 4.8 percent by the first quarter of 2022.
But while demand is expected to remain high, the nature of the projects is projected to change—with the indicator predicting more of a focus on professional projects instead of DIY projects, which were significantly more popular over the last year, during the height of the pandemic.
“Although the recent surge in DIY activity is slackening as the economy continues to open up, homeowners are undertaking larger discretionary renovations that had been deferred during the pandemic,”
Abbe Will, Associate Project Director in the Remodeling Futures Program at the Center said in a recent press release.
“A shift to more professional projects should boost annual homeowner remodeling expenditures to $370 billion by early next year.”
The Takeaway:
So, what does this mean for you? Home remodels are having a serious moment, and the right remodel can add significant value to your home—so whether you are thinking about selling or just want to improve your home for your own enjoyment, now is a great time to tackle that remodeling project. But, if you are planning on hiring a contractor, make sure to line one up soon since demand could make finding one with availability more difficult.
