During the early days of the COVID-19 pandemic, homeowners nationwide used their spare time to tackle overdue home projects. As the year continued, a combination of factors, including low interest rates and rising home prices, helped fuel a surge in home renovations, improvements, and remodels.
These trends continued into 2022, but recent data from the Joint Center for Housing Studies of Harvard University suggests the home improvement boom might finally be over. According to its July 2023 report, a combination of higher interest rates, lower home prices, and a slower pace of home sales will likely lead to a 5.9% drop in residential improvement and maintenance spending through Q2 in the coming year.
The Gwinnett Daily Post is a daily newspaper published in Gwinnett County, Georgia, and serves as the county's legal organ. The newspaper is owned by Times-Journal Inc. and prints Wednesday and Sunday each week.