Abbe Will of Harvard’s Remodeling Futures project previewed deep data and analysis on the 2024 Outlook for Remodeling which was released publicly yesterday. We’re happy to share her slide deck with you. Click to download slides: Harvard-PRO New England Jan 2024 Outlook Synopsis
We circled back to Will today to see if her key takeaways line up with those from PRO members the day of the event. She noted:
While the overall projected contraction is 5.6% for 2024, that takes us back to the then-record spending rate of June, 2022.
The dominance of replacement activity suggests the home remodeling market is more resilient to downturn today.
Opportunities for longer-term growth exist in retrofitting the housing stock for accessibility, energy efficiency, and disaster mitigation.
Will is the Associate Director of the Harvard JCHS Remodeling Futures Program, which seeks to produce a better understanding of the home improvement industry and its relationship to the broader residential construction industry.
Contact Abbe Will with additional questions, or for information on membership and research.