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Home makeover

Home makeover

06-12-2021 | Daily sketch

When the Covid-19 pandemic hit in March last year, the shutdown in non-essential activities halted professional home renovations. But the home remodeling market bounced back quickly as many homeowners started do-it-yourself projects, while outdoor professional work was deemed safe. In 2020, the home remodeling market grew 3% to USD 419 billion and is expected to have grown another 3% in 2021, according to the Harvard Joint Center for Housing Studies. 

The pandemic spurred a variety of housing and lifestyle changes that encourage improvement spending. Homeowners needed to make space to work from home and help their children with remote learning. Meanwhile, many urban renters decided to move to communities outside the city in search of more space and lower housing costs. Also, given today’s low mortgage rates, many renters became first-time owners, a change that typically prompts a new cycle of home improvement projects. 

Source: Harvard Joint Center for Housing Studies, 2021.

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