Home Improvement Spending To Drop 5 9% By Q2 2024

As shown in each of these charts, over the past few years, as mortgage rates have elevated, home gross sales have slowed. A previous iteration of this report, from January 2023, predicted a a lot steeper decline in spending, going from 16.3% on the end of 2022 all the greatest way down to simply 2.6% by the end of 2023. While the predicted drop of 5.9% for the first House & Home Improvement news half of 2024 is way much less shocking, it does emphasize the reality that, for another yr, home improvement spending is predicted to stay on a downward spiral. Copies of receipts and sufficient supporting documentation displaying that every one contractors have been paid the entire project value.