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14 SAY YOU SAW IT IN <strong>SUBURBAN</strong> May 25, 20<strong>21</strong> – June <strong>21</strong>, 20<strong>21</strong><br />
MAINE<br />
A remodeling fix<br />
Pandemic lockdowns and ultra-low mortgage<br />
rates helped spur many U.S. homeowners to<br />
invest in remodeling their home in 2020, and the<br />
trend is expected to strengthen at least into next<br />
year, according to researchers at Harvard<br />
University.<br />
The university’s Joint<br />
Center for Housing<br />
Studies’ latest leading<br />
indicator of remodeling<br />
activity, or LIRA, suggests<br />
homeowner spending on<br />
improvements and repairs<br />
will climb to $370 billion<br />
by the end of the first<br />
quarter of 2022. That<br />
would be a 4.8% increase<br />
from the $353 billion<br />
spent in the January-<br />
March quarter this year.<br />
Spending on home remodeling surged about<br />
5.7% in the first quarter from a year earlier. The<br />
increase followed another round of pandemic<br />
stimulus aid from the federal government, which<br />
delivered $1,400 direct payments to many<br />
Americans.<br />
Researchers are<br />
predicting homeowners will<br />
tackle more costly<br />
renovation projects in<br />
20<strong>21</strong>.<br />
If the forecast holds up,<br />
the trends should continue<br />
benefiting home improvement<br />
retailers like Home<br />
Depot, whose stock price<br />
climbed to an all-time high<br />
Monday.<br />
U.S. home-improvement spending<br />
$400 billion<br />
est.<br />
Fixer-upper: Many<br />
people are using<br />
stimulus money to<br />
tackle bigger home<br />
improvement<br />
projects.<br />
350<br />
300<br />
Source: JCHS at Harvard University<br />
250<br />
2Q<br />
3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q<br />
’19 ’20 ’<strong>21</strong> ’22<br />
Alex Veiga; J. Paschke • AP
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