U.S. Remodeling Spending to Decline through Q3 2020
U.S. remodeling and repair activity is predicted to dip slightly by 0.3% through the third quarter of 2020 compared to the previous quarter, 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 predicted decrease is based on continued weak home sales and homebuilding activity, as well as slowdowns in permitting, building material sales and drops in home pricing. The Joint Center further noted that low mortgage rates may offset some of the predicted declines in remodeling spending.
The LIRA, published quarterly, is a short-term outlook of U.S. home improvement and repair spending of owner-occupied homes and is designed to project an annual rate of change of spending for the current and subsequent four quarters. See Harvard University’s Joint Center for Housing Studies