The U.S. Repair and Remodel Market Is Poised for Long-Term Growth

Home improvement spending during pandemic-stricken 2020 was atypical in two respects. First, households spent more time at home and allowed fewer contractors to enter homes (due in part to social distancing practices), causing a surge in do-it-yourself projects. Second, despite the pandemic-induced economic downturn, improvement spending increased across most product categories. Typically, demand for higher-priced discretionary products (for example, cabinets) wanes during a recession, but the combination of government stimulus, fewer discretionary spending outlets, and more time spent at home caused improvement spending to buck the historical trend in 2020.