The home improvement industry encompasses businesses that sell building materials, appliances, decor and other products that improve homes. The industry also includes companies that offer services, such as contractors and tradespeople, that help homeowners with their renovation projects. The industry has seen strong growth results in recent years, especially during the COVID-19 pandemic when homeowners rushed to improve their living spaces.
The reason behind many of these projects is to increase the home’s value. This is especially true for those who plan to sell the house in the future, but even if you don’t intend to move anytime soon, it’s worth keeping in mind that your home may lose value over time. This is why it’s important to consider the return on investment (ROI) for your project before starting.
But, it’s also important to consider your comfort and enjoyment of the house, as well as any safety issues that need to be addressed. Some improvements, such as a new roof or electrical upgrades, may be necessary to avoid costly and potentially dangerous problems down the road.
According to the American Housing Survey, homeowners spent a total of $7,746 on home improvements in 2022, with the highest amount being paid for remodeling the kitchen. The growth in home improvement spending is expected to continue into 2024, although it’s anticipated that the growth rate will slow down. This is due to a combination of factors including stalled home sales, rising labor costs and supply chain difficulties.
