WASHINGTON, DC — Spending on residential improvements will continue to grow at a “healthy pace” over the next two years, according to experts speaking at a press conference hosted by the National Association of Home Builders Remodelers during IBSx, last month’s 2021 International Builders’ Show virtual experience.
The remodeling market declined significantly in March and April of last year, at the onset of the COVID-19 pandemic, “but has since more than fully recovered,” according to the Washington, DC-based NAHB, which predicted that remodeling spending for owner-occupied single-family homes will increase 4% in 2021 and another 2% in 2022.
The NAHB pointed to steady consumer demand and high levels of remodeler confidence as among the keys to expected growth. Homeowners are also expected to continue to upgrade existing homes for multiple purposes, such as home offices, home gyms and in-law units, the trade association said.
“NAHB estimates that real spending on home improvements will continue to increase in 2021 and 2022, throughout the COVID-19 pandemic,” said Paul Emrath, NAHB’s assistant v.p. for surveys and housing policy research. “The biggest factors prohibiting stronger growth are mainly the volatile material prices and labor shortages.”