Why are home renovation rates increasing in America?

Certainly! The surge in the rate of American home renovation can be attributed to several factors. Since the start of the pandemic, our desire for home improvement has accelerated significantly. In 2021, 59% of American residents made improvements to their homes, and demand for tradespeople increased by 32% compared to 2020.

However, material supply issues, production cost increases, and workforce shortages have impacted homeowners and tradespeople. As a result, renovation costs have risen, with prices for bathroom renovations increasing by 40%, loft conversions, kitchen renovations by 25%, and extensions by 23% compared to just two years ago12. Additionally, millennials have seen a 70% increase in median spending on home improvements during this time3.

Despite these challenges, homeowners and tradespeople have persevered, adapting to the changing landscape and modifying living spaces to meet new needs.