CAMBRIDGE (CBS) – 2020 was a record year for home improvement. Harvard University researchers found that Americans spent nearly $ 420 billion, much of it on home improvement projects.
The study found that at the end of March 2020, around 60% of respondents said they had started at least one project in the last two to three weeks. At the beginning of May this number rose to almost 80%.
CONTINUE READING: 3 children injured in NW Miami-Dade Crash
“While the US economy contracted 3.5 percent in 2020, home improvement and repair spending rose more than 3 percent to nearly $ 420 billion as households grew in response to the COVID-19 pandemic Living spaces for work, school and leisure changed. Wrote researcher Kermit Baker, who is the director of the Remodeling Futures program.
Read the report (PDF)
CONTINUE READING: Miami-Dade residents gather to protest the closure of the west entrance of Matheson Hammock Park
He said while the pandemic stalled professional home remodeling, DIY projects rose sharply.
The report predicts that due to the changes in the housing situation caused by the pandemic, “the demand for renovation projects could be even higher than currently assumed”.
MORE NEWS: RNC donors gather to hear Trump, others in Palm Beach, the GOP’s “New Political Power Center”