Remodeling Spending Forecast for 2024

This month’s NAHB Remodeling Forecasts, Myths & Trends video, sponsored by Lowe’s Pro, arms remodeling professionals with the knowledge they’ll need to dive into next year’s market with confidence. This installment, “LIRA – Outlook for Residential Remodeling Spending,” focuses on an analysis of the Leading Indicator of Remodeling Activity (LIRA) report and what remodelers can expect for the remainder of 2023 and 2024.

Contributing expert Abbe Will, senior research associate and associate project director of the Remodeling Futures Program at the Harvard Joint Center for Housing Studies, guides viewers through some of the LIRA’s key elements and explains how each metric can be used to predict what lies ahead for the remodeling and repair industry:

• Challenges that face the remodeling industry in the coming year, such as high mortgage rates, declining home sales and the higher costs of labor and materials.
• The numerous advantages expected to support the continued expansion of remodeling and repair spending, including record levels of home equity, the continued aging of housing stock and a permanently higher percentage of people working from home.
• The relationship between the remodeling industry and the new home building industry, and how trends in new home construction can be used to make predictions about trends in remodeling.

• Will, along with moderator Vince Butler, will field questions about the LIRA and break down her analysis of key points during a companion Shop Talk on Thursday, Nov. 2, at 11 a.m. ET. Register now.