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That’s why we’re rounding out some top home renovation statistics so you know what to expect from your next homeimprovement project. We’re covering homeimprovement, renovation, and remodeling topics so you’ve got all the information you need for your next project. billion in the United States by the end of 2022.
WHAT TO KNOW ABOUT HOME RENOVATIONS IN 2023 In recent years, the world has undergone a multitude of changes, and the home renovation industry is no different. Factors such as supplychain disruptions, project delays, and increasing costs have greatly impacted both new construction and ongoing renovation projects.
There Will Be Project Delays Lousy weather, supplychain disruptions, lengthy permit approvals or other sudden complications can stretch your project timeline. Unexpected delays are typical in home renovations, so don’t let the occasional holdups get to you. Another critical consideration is your neighbors.
All cedar shake roofs require regular maintenance – looking for cracks, dips and construction flaws – to prevent leaks. The supply of cedar has been greatly diminished in the last decade, making it one of the more expensive types of roofs to purchase. home – or about $427/year if the roof survives 18 years.
It’s safe to say we are tired of hearing the phrase “supply-chain disruption” and experiencing its effects. There are signs of improvement. One consumer segment will have longer to wait for its “supplychain” to be repaired – residential real estate. “Of construction jobs in the U.S.,
annually in homeimprovements across the U.S., Improvements include remodels, replacements and additions to homes. The $180B kitchen and bath market is leading the home-improvement charge and, despite economic headwinds for many households, industry experts see no end in this modernization movement.
The supplychain, already strained, may come under renewed pressure with threats to shipping lines and air travel. Similar fears exist for the energy supply, equity markets, currencies, electric and internet grids, and defense of nations aligned against Russia. Developers can build only so many new homes at a time!
Long-term mortgage rates are expected to remain in the 6% range for most of 2025, which does little to alleviate the owner lock-in effect that is one driver of limited for-sale housing supply. Tariffs will push prices for some of the goods used in homeconstruction higher.
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