Home Improvement is (Still) On the Rise
With more time on their hands, more money in their pockets, and a craving for space, people kept home by the pandemic are driving the already booming home improvement market even higher.
Remodelers specializing in kitchens are seeing business grow:
• Kitchen and bath remodeling professionals saw a 40 percent increase in demand during June 2020 compared to the same period in 2019, according to Houzz Inc., a platform connecting homeowners with home improvement professionals.
• Kitchen upgrades are the third most frequently done interior improvements during the pandemic months so far. Infogram.com found that kitchens account for 14 percent of all interior home improvements during the pandemic, following repainting and replacing light fixtures.
The whole home improvement industry is seeing upticks. Houzz reports that overall, compared to 2019, home improvement companies in all categories benefited from a whopping 58 percent increase in project leads in June this year.
Homeowners are hunting for home improvement companies online at record rates. Google searches for home improvement work rose by 50 percent between March and September, compared to the same months in 2019, said Porch.com, another site that helps consumers locate home improvement companies.
An Already Thriving Market
This year’s sudden increase in home-based work and school has created plenty of work for the industry, but it’s worth noting that home improvement has been trending upward for several years already.
Between 2015 and 2019, sales of home improvement products, to both professionals and homeowners, rose by 5.4 percent, the Home Improvement Research Institute found. In 2017 alone the market grew by 7.3 percent, HIRI reported. For 2020, HIRI expects an 8.7 percent jump in home improvement product sales.
The Stay-at-Home Effect
In the spring, residential remodeling experts grew pessimistic about 2020, expecting that the pandemic would depress what had been strong business. How did this spring and summer goose home improvement back into a boom, in just a few months?
With so much time at home, homeowners quickly became more aware of the need for improvements around them. With the home now functioning as an office, a schoolhouse, and an entertainment complex, families are eager for more room so kids aren’t underfoot and adults can work in dedicated spaces. As people cook more meals at home, homeowners think about expanding kitchens. Not to mention, many households have more money to spend on improvements this year because they aren’t spending as much (or at all) on travel, entertainment, or restaurants.
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