The Improving America's Housing 2025 report highlights the growth of the remodeling industry driven by the aging of homes and households, alongside rising home values. Spending on home improvement rose significantly from $404 billion in 2019 to $611 billion in 2022, with predictions of staying above $600 billion through 2025. Notably, diverse demographic shifts show households led by people of color increasingly contribute to the market, with seniors spending significantly more on home improvements, indicating both opportunity and a need for investment in energy efficiency and disaster resilience efforts.
According to the Improving America's Housing 2025 report, the remodeling industry is fueled by aging homes and high property values, but requires more investment for energy efficiency.
Improvement expenditures climbed from $404 billion in 2019 to $611 billion in 2022, with projections to stay above $600 billion through 2025, indicating significant growth.
Households led by people of color have increased their share of home improvement spending from 14% in 2003 to 23% in 2023, reflecting demographic shifts in the market.
Homeowners aged 65 and older now account for 27% of improvement outlays in 2023, up from 14% in 2003, highlighting their increasing influence on the remodeling market.
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