US & Global Economic Impact Analysis and Forecasts

Freedonia analysts and economists are sharing their insights on how major events are impacting different parts of the US and global economies.

Survey Hints at Future Remodeling Projects Due to COVID-19 Pandemic

The large majority of US consumers are spending much more time at home in light of shelter-in-place orders and stay-home recommendations. This, in turn, is causing many people to think about their living spaces. As more people are in the home for longer periods of time, homeowners are considering ways to improve their residences by adding space or enhancing convenience.

This recent study shows that many homeowners are thinking about the best ways to remodel to make their houses more suitable to their post-COVID-19 needs – while bowing to the realities of life during and after the pandemic. These home improvement projects can include:

  • additions or expansions to create more space
  • updating kitchens to accommodate families dining together more frequently or adding amenities that re-center the kitchen as the focal point of family life
  • adding bedrooms or bathrooms to enhance privacy and convenience for family members who may be living in a home temporarily (due to shelter-in-place orders) or permanently (due to job losses)
  • installing a home gym (many states have closed gyms and recreation centers)
  • installing more and larger windows to provide more natural light

While not all homeowners will undertake these “dream” projects, it is expected that some consumers – after several months of remaining at home – will decide that their homes will need an upgrade and will either plan for or embark on one (or more) home improvement projects. Whether performed as a DIY project or through the work of professional contractors, this uptick in home improvements will boost demand for a wide range of building and construction materials.

For detailed information about the effects of the COVID-19 pandemic, see The Freedonia Group’s:

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