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3 Home Improvement Takeaways From HIRI

The Home Improvement Research Institute (HIRI) took a look back at the home improvement industry in the past year and shared its top three takeaways going into 2022. According to preliminary estimates, the home improvement industry grew 13 percent for the entire year and 28 percent over a two-year span. 

Professional contractors made a comeback. In 2020, more than half of homeowners opted to take home improvement projects themselves, according to Liza Haus­man, vice pres­i­dent of indus­try mar­ket­ing at Houzz. As the year went on, people were more comfortable having others into their homes and started relying on professionals again. Pro­fes­sion­al con­trac­tors report­ed an esti­mat­ed 18.2 percent increase in prod­uct sales in 2021. 

Supply and labor issues still linger. Despite increased demand, the home improvement industry still suffered from supply chain issues and a tight labor market, leading to inflation. When tak­ing infla­tion into account the ​“real” indus­try growth is clos­er to five percent, com­pared to the 13 percent nom­i­nal growth seen overall.

The housing market continues to influence home improvement. When the market is hot, so is home improvement, thanks to many homeowners updating their homes to sell or making improvements after purchasing. Because housing prices are high right now, it’s also led to homeowners deciding to remodel instead of purchase, leading to more sales for home improvement.

About Lindsey Thompson

Lindsey joined the NHPA staff in 2021 as an associate editor for Hardware Retailing magazine. A native of Ohio, Lindsey earned a B.S. in journalism and minors in business and sociology from Ohio University. She loves spending time with her husband, two kids, two cats and one dog, as well as doing DIY projects around the house, going to concerts, boating and cheering on the Cleveland Indians.

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