U.S. Remodeling Spending to Decline Into 2020
U.S. remodeling and repair activity is predicted to continue to decline into the first quarter of 2020, according to the Leading Indicator of Remodeling Activity (LIRA), published by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. The LIRA projects that increases in renovation and repair spending will fall from 7% in the first quarter of this year to 2.6% in the first three months of 2020. This is the first predicted decline since 2013, a marked change from the 5% or more average annual growth experienced over the last five years.
The LIRA, published quarterly, is a comprehensive study of the factors influencing the growth and changing characteristics of U.S. housing renovation and repair activity. See Harvard University’s Joint Center for Housing Studies