U.S. Remodeling Spending Strength to Decline through 2023

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

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