Harvard Report Finds Home Remodeling Is a $450 Billion Market
Thanks, Chip and Jo!
Thinking of remodeling your home? More Americans than ever are racing to fixer upper their abodes — to the tune of $450 billion annually, at least according to Harvard researchers. The new intel comes courtesy of Harvard's Joint Center for Housing Studies Improving America's Housing 2019 report.
If you're wondering what accounts for all the dough we're spending on beautifying our homes, the Harvard team has some theories. "Remodeling spending generated 2.2% of national economic activity in 2017, the Harvard researchers said in the report," as Market Watch's Andrea Riquier reports in a recap of their research. "They point to some well-known factors bolstering that spending: an aging housing stock and an aging population, for example, as well as surging home equity." Riquier also points to the reduced stock of new homes being built to boost the housing market's supply.
If you ask us, we'll speculate that some of the spending may have a bit to do with America's HGTV obsession. So thank you, Chip and Jo, Ben and Erin, and the crew.
WATCH: 6 Things You Should Know Before Remodeling Your House
You can read the full Improving America's Housing 2019 report here. Now, if you'll excuse us, we're heading to Home Depot to daydream over new cabinet fixtures.