Decreased Spending on Remodeling Predicted Through Q4

The Leading Indicator of Remodeling Activity (LIRA) predicts that remodeling and repair spending will decline 6.5% from 2023 by the end of Q4 2024, according to the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. Comparatively, the fourth quarter of 2023 indicated a 2.2% growth over the same period in 2022. Due to continued elevated prices and interest rates along with lower home sales, the year is expected to reach its low point in the third quarter before beginning to rebound.

The LIRA, published quarterly, is a short-term outlook of U.S. home improvement and repair spending of owner-occupied homes. The report is designed to project an annual rate of change in expenditures for the current and subsequent four quarters. See Harvard’s Joint Center for Housing Studies

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