Spending on residential improvements will continue to grow at a healthy pace over the next two years, according to experts speaking at an online press conference hosted by the National Association of Home Builders (NAHB) Remodelers during the 2021 International Builders' Show virtual experience (IBSx). Professional remodelers from across the country agreed with the forecast, citing increased demand during COVID-19 and consumer confidence.
The remodeling market declined significantly at the onset of COVID-19 in March and April 2020, but has since more than fully recovered. NAHB predicts that remodeling spending for owner-occupied single-family homes will increase four percent in 2021 and increase two percent in 2022.