Repair and Remodeling Activity Predicted to Slow Substantially in 2023
Sharp Slowdown Projected in the Pace of Home Remodeling
According to the Remodeling Futures Program at the Joint Center of Housing Studies at Harvard University, home improvement spending is expected to decline sharply in 2023.
The latest Leading Indicator of Remodeling Activity (LIRA), which was released on Thursday (10-20-22), projected year-over-year growth in repair and remodeling activity will decline from 16.1% in 2022 to 6.5% by 2023Q3.
LIRA provides a short-term outlook of national home improvement and repair spending to owner-occupied homes. The indicator, measured as annual rate-of-change of its components, is designed to project the annual in spending for the current quarter and subsequent four quarters, and is intended to identify future turning points in the business cycle of the home improvement and repair industry.
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