Americans aren’t spending for home improvement rapidly enough, writes personal finance reporter for MarketWatch Quentin Fottrell.
Data from the Harvard Joint Center for Housing Studies revealed that homeowners will spend an estimated $151.1 billion for the 12 months ending in the third quarter of this year, a slowdown to an annual increase of 3.5 percent after the recent peak of 10 percent in the third quarter of last year.
“This tepid rate of growth in remodeling is supported by earlier research on the subject,” Fottrell writes. “The amount of money Americans have been spending per home improvement project has declined over the last five years, from $6,200 in 2010 to $4,100 in 2015.”