Remodeling Spending Strength to Decline by Mid-2023

The second quarter 2022 Leading Indicator of Remodeling Activity (LIRA) expects growth in the remodeling and repair industry to lessen through Q2 2023 while continuing to exceed the historic 5% average, according to the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.  The LIRA predicts a 17.3% rise in activity through the third quarter of 2022,  compared to the same period in 2021. Expansion is expected to peak at 17.4% in Q4 and then fall to 10.1% in Q2 2023.

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’s Joint Center for Housing Studies

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