by Freedonia Industry Studies
May 4, 2020
2020 was supposed to be a good year for the home improvement market as low unemployment, wage growth, and rising property values were set to encourage thousands of homeowners to undertake significant renovation projects – remodeling kitchens, adding bathrooms, replacing roofing or siding, or installing new flooring. Instead, the home improvement industry faces a period of decline due to the COVID-19 pandemic.
As indicated by a number of reports, home remodeling spending in the US expected to decline throughout the rest of 2020 and into the first part of 2021. While construction has been classified as an “essential” business by both the US Department of Homeland Security and by the majority of state governors across the US, the home remodeling industry will still face a number of challenges going forward that will limit sales opportunities, such as: