The red hot home improvement sector finally pumps the brakes in 2023.
US homeowners will still increase spending on home improvements during 2023, at a slower rate of increase. While year-over-year gains in spending have been strong double-digits, that rate will decrease into single digits over the next three quarters.
ESA’s Lynne Edwards detailed the home improvement sector during ESA’s WAYS ’23 Conference, on February 2, 2023.
Reasons given for the cool down include the appreciation of home values over the past several years, looming recessionary fears, and a (residential) housing market that is slowing in 2023.
Read more at Forbes.com:
Home Renovation Spending Predicted To Drop By Nearly 14% From 2022 To 2023