Home Improvement Industry Booms During COVID-19 Pandemic

Home improvement is a huge industry, encompassing not only the sale of building materials, decor and other items but also contractors, tradespeople and others who help to modify, build and improve homes. In recent years, especially during the COVID-19 pandemic, it reached booming growth results as consumers focused on upgrading their properties.

Some homeowners are renovating for pure aesthetic reasons, while others prioritize a return on investment. Whatever the reason, homeowners should think carefully about their renovation project and consider how it will impact their home’s value down the road. It’s also important to consider what improvements can be done quickly and affordably, as well as a realistic timeline for when the work will need to be finished.

In 2021, more than half of all home improvement projects were financed with cash, according to the Census Bureau’s American Housing Survey (AHS). The AHS also found that 14% of homeowners who took on DIY projects during the two-year pandemic period had to make sacrifices such as cutting back on discretionary spending, selling items or tapping into or exhausting emergency savings in order to pay for their project.

Homeowners should always use caution when working on a home improvement project, especially if it involves electrical or plumbing works. It is recommended that they hire licensed and reputable contractors who have the proper certifications to perform the work. If the work is not completed in a safe manner, it could lead to faulty wiring or even fires and explosions.