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2017 Home Improvement SpendingAugust 18th, 2017 by
Each year, HomeAdvisor conducts their annual True Cost Survey to measure home improvement spending in America and provide insight into future homeowner spending trends. The results from this year’s survey, detailed in the 2017 HomeAdvisor True Cost Report, show a significant increase in overall spending. In fact, the findings indicate that today’s average homeowner has spent nearly 60% more on home improvement projects over the past twelve months compared to the previous twelve.
HomeAdvisor listed these five current home improvement trends as noteworthy:
- Homeowners are spending more on home improvement.
- Baby boomers and millennials are leading the charge.
- Millennials tend to DIY.
- Age of home and length of residence matter.
- Home improvement is gaining the most traction in the West and Northeast.
As for the future, HomeAdvisor’s Cheif Economist, Brad Hunter, had this to say:
“I’ve explored some of the greater macro political and economic factors influencing home project decision-making, including interest rates, political party affiliation and consumer confidence. Overall, I believe that any headwinds from economic and political changes will be minor. Bottom line: We’re forecasting greater increases in home improvement spending for many years to come.”
Some future trends to look out for include:
- People are planning for more.
- Home improvement spending rises among political anxiety.
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