U.S. Remodeling Spending Predicted to Decline into 2021
U.S. remodeling and repair activity pre-pandemic was predicted to increase 3.9% by the first quarter of 2021. However, the recently released Leading Indicator of Remodeling Activity (LIRA), published by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, reported that first quarter data shows declines this year and worsening conditions into 2021. The LIRA, which incorporates actual and forecasted impacts of the economic shutdown due to the COVID-19 pandemic, predicts a decline of 1.2% through Q1 2021.
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