The third quarter 2022 Leading Indicator of Remodeling Activity (LIRA) expects growth in the remodeling and repair industry to soften through Q3 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 16% rise in activity through the fourth quarter of 2022 compared to the same period in 2021. Expansion is expected to slow to a rate of 6.5% in Q3 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