Nearly Three-Quarters Planning a Home Improvement Project
With the release of the second quarter installment of HIRI’s Project Sentiment Tracking Study, we see that nearly three-quarters of homeowners are planning a home improvement project within the next three months.
- The summer months are typically the high points for home improvement project planning, and this year doesn’t seem to be different. The incidence rate of planned projects jumped from 65.7% in Q1 to 72.9% in Q2.
- In a year-over-year view, the incidence rate has dropped slightly, but not by a statistically significant amount.
- Exterior projects, like landscaping, adding a deck, or exterior painting, are by far the most popular this time of the year. Kitchen renovations are the only types of interior projects consistently in the top five across the country.
- Siding and driveway/walkway projects saw a large decline from 2Q 2015, while Dining room, roof and bedroom projects saw significant increases.
- Adults in their 30’s and those with children are among those doing the most home improvement projects coming this summer, while retirees and single-person households are doing the least.
- The top motivators for initiating a projected are routine maintenance, repairing/replacing parts of your house, modernizing or upgrading your house, and increased finances.
If you are interested in learning more information, contact HIRI.
Courtesy of hiri.org