It will be a quick transition from record spending on home renovations to a steep decline in spending, according to a new report.
"While renovation spending rose to a record at the end of June and likely will reach a new high by the end of 2019, a slowdown is on the horizon," reports Kathleen Howley.
Howley is sharing data from data in the June 2019 "Leading Indicator of Remodeling Activity," published by the Joint Center for Housing Studies of Harvard University.
"Americans spent $322 billion on remodeling and home repairs during the 12 months ending in June, a 6.8% jump from a year earlier," explains Howley. But the report also predicts spending to slow next year.
"Declining home sales and home-building activity coupled with slower gains in permitting for improvement projects will put the brakes on remodeling growth," according to the words of Chris Herbert, the center’s managing director, as quoted in the article.
"For all of 2019, remodeling spending will probably total a record $331 billion, according to the index. By the end of 2020's second quarter, the furthest projection in the index, spending over the prior 12 months will probably total $323 billion," writes Howley.
FULL STORY: Renovation spending will slow in 2020 after record-setting year, Harvard report says
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