COVID-19 Pandemic Already Having Negative Impact on Repair and Remodeling Sector

The fallout from the COVID-19 pandemic is already having a serious impact on homeowners’ ability to start or complete remodeling and repair projects on their home. This according to the Leading Indicator of Remodeling Activity (LIRA) released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. Early in the year, the LIRA pointed to a healthy rebound in home remodeling spending with annual growth of 3.9% by the first quarter of 2021. However, the latest data incorporating both actual and forecasted impacts of the economic shutdown point to spending declines this year with further deterioration into 2021. Managing Director of the Joint Center for Housing Studies, Chris Herbert said, “Homeowners who are concerned about losses of income, home equity, and other forms of wealth are anxious about making large investments in improving their homes in this economic environment.”