US repairs and remodeling expenditure expected to decline in early 2024

By Gary Zauner
RISI Fastmarkets
September 13, 2023
Category: Finance & Economics
Region: United States

Annual expenditures for repairs and remodeling in owner-occupied homes are expected to decline in the first half of 2024, according to the Leading Indicator of Remodeling Activity for the second quarter (LIRA). Annual increases on a percentage basis reached their peak in the third quarter of 2022, with spending rising 17.4% above the third quarter of 2021. Since then, quarterly gains on an annual basis in repair and remodeling expenditures have declined each quarter. In the first quarter of next year, dwindling gains are projected to transition to year-over-year declines. The LIRA projects year-over-year spending on homeowner repair and remodeling to gain 5.0% in the third quarter of this year and 2.8% in the fourth quarter before declining 2.7% in the first quarter of 2024 and 5.9% in the second quarter.

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