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Remodeling Growth Through 2022
November 11, 2021
The LIRA projects year-over-year gains in annual improvement and repair spending will reach 9% in the fourth quarter of this year and maintain that pace into 2022.
related remodeling market news:
- The U.S. building products market will continue building on its “exponential growth” of the past two years, gaining an additional 2.9% from 2023 through 2025, with the professional sector increasing by 4.6%, according to a newly released forecast by the Home Improvement Research Institute (HIRI).
- Businesses in the residential construction and remodeling sectors anticipate “strong activity” through the balance of 2021, although many companies report steady increases in backlogs since the beginning of the COVID-19 pandemic, along with wait times of nearly three months before new projects can begin, according to the Q4 2021 Houzz Renovation Barometer, a quarterly gauge that tracks market expectations, project backlogs and recent activity among U.S businesses in the construction and architectural/design services sectors.
- Demand for remodeling remains strong, and remodelers “are doing quite well as long as they can adequately deal with material and labor shortages,” according to the latest Remodeling Market Index (RMI) compiled by the National Association of Home Builders.
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