HomeAdvisor Survey Shows Strong Growth in Home Improvement Spending
GOLDEN, Colo. – Homeowners seeking to tackle home improvement projects are not deterred by political and economic uncertainties and are spending nearly 60 percent more than a year ago on home improvement according to HomeAdvisor’s 2017 True Cost Report. The report, authored by HomeAdvisor’s Chief Economist Brad Hunter, provides insight into homeowner spending trends and the greater macro political and economic factors influencing home project decision-making, including interest rates, political party affiliation and consumer confidence.
“Home improvement activity is showing resilience in the face of political shifts,” said HomeAdvisor’s Chief Economist Brad Hunter. “While there is a sharp divide in how homeowners feel about the economy and the current presidential administration, that divide is not affecting their willingness to take on home projects.”
2017 True Cost Report highlights:
“With the advent of millennials buying homes, including some fixer-uppers, and baby boomers well-established in their homes, there are more people in a homeownership position than there were in the last two years. These trends, along with rising home values and increased homeowner equity, are fueling home improvement spending,” said Hunter. “I’m expecting to see continuing strong growth in large and discretionary improvement projects, including an increasing number of bathroom, kitchen and garage remodels.”
The report is informed by HomeAdvisor’s True Cost Guide, an online guide for homeowners to access real costs for home projects, as well as results from an annual survey* conducted among homeowners. To view the complete report, visit HomeAdvisor’s 2017 True Cost Report page.