Harvard study shows how pandemic boosted home improvement industry
lbmjournal.com
A lot of demand for materials implied from this passage.
The unexpected strength of the home remodeling market made 2020 the tenth consecutive year of expansion for the industry, but the pandemic disrupted several long-term trends. “From 2010 to 2019, homeowners largely relied on professional contractors, and remodeling activity was heavily concentrated in coastal metros,” said Kermit Baker, director of the Remodeling Futures Program at the Joint Center for Housing Studies. “But in 2020, amid concerns about having contractors in the home, DIY projects gained new popularity, and remodeling activity shifted to lower-cost metros where larger shares of younger households—traditionally the most active do-it-yourselfers—could afford to own homes.” [Interactive Chart] In late March of last year, 60% of respondents to one homeowner survey had begun at least one DIY maintenance or improvement project in the previous two to three weeks; by early May, the share had jumped to nearly 80%. Additionally, during the pandemic, many urban renters purchased homes—a transition that often begins a new cycle of improvement projects—in outlying communities in search of safer living conditions, more space, and lower housing costs. |
