Remodeling projects have become much more popular since the beginning of the COVID-19 pandemic as many homeowners take on smaller jobs to pass the time. But as the pandemic dragged on, many have embarked on much larger renovation projects.
A recent study by the National Kitchen & Bath Association and John Burns Real Estate Consulting found that homeowners are embarking on much larger remodeling projects, including expanding and rearranging the floor plans of their homes, often to create their own home office space or to increase the area properties functionality.
Analysts assume that the larger scale of such projects is expected to lead to a sales growth of around 10.7% in the remodeling industry. Additionally, more and more homeowners are withdrawing from home improvement and instead turning to professionals to ensure their remodeling projects are being properly carried out.
“We’re seeing an unparalleled surge in homeowners looking to rearrange floor plans, tear out entire kitchens, bathrooms, and other spaces to make room for more activity around the home, and generally create a space that better suits their evolving needs,” he said to Bill Darcy, CEO of the NKBA. “Our industry’s greatest challenge will be operational as our members aim to meet the growing demand from homeowners with an unmatched appetite for remodeling.”
Conversion companies, for their part, have already recorded a sharp jump in demand. However, they also had to grapple with rising building materials costs and supply chain disruptions caused by increasing demand for cabinets and home appliances.
Another potential problem for the industry is the shortage of skilled workers, the study found. More than 56% of remodeling companies said labor shortages had worsened since the pandemic began. That means homeowners may have to wait longer before they can start new remodeling projects.
While homeowners have lately been relying more on professionals for their remodeling projects, they still want to keep costs to a minimum. According to the NKBA, the demand for cheaper products and surfaces was particularly high.