Americans spent nearly $ 420 billion on home improvement projects in 2020 – CBS Tampa

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%.

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“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)

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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”.

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