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Home improvement spending to decline faster in 2024, says Harvard report
CAMBRIDGE, Mass. – Annual expenditures for improvements and repairs to owner-occupied homes are expected to decline at an accelerating rate through the first half of 2024, according to the Leading Indicator of Remodeling Activity (LIRA) released today by the Joint Center for Housing Studies at Harvard University . The LIRA projects that year-over-year spending on homeowner improvements and maintenance will shrink by 2.7% through the first quarter of next year and by 5.9% through the second quarter, following a slowdown in growth that began in the final quarter of 2022. “Home remodeling activity continues to face strong headwinds from high…