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Home Depot CEO: Homeowners Are Investing

Homeowners are living in their houses longer than in the past, home values are increasing and millennials are forming their own households—all good news for Home Depot, according to CEO Craig Menear.

“All of those have actually helped our business. I think the overall environment in housing has been good,”  he tells CNBC in an interview. “We’ve done a lot of work and a lot of study about the the millennial generation. They’re now the largest generation, right? And what we see, in everything we’ve researched, is they’re going to follow previous generations.”

Having homeowners live in their houses longer before selling is a positive, he says.

“If people aren’t moving, they’re clearly investing in their homes. That is a project driver,” Menear says in the interview.

Reflecting those positives, Home Depot has had increases in sales of large- and small-ticket products, and growing transaction sizes, he says.

“We’ve had steady growth. Not robust growth, but steady growth, coupled with the tailwinds we’ve had from housing,” he says. “People are willing to invest in our space.”

About Kate Klein

Kate is profiles editor for Hardware Retailing magazine. She reports on news and industry events and writes about retailers' unique contributions to the independent home improvement sector. She graduated from Cedarville University in her home state of Ohio, where she earned a bachelor's degree in English and minored in creative writing. She loves being an aunt, teaching writing to kids, running, reading, farm living and, as Walt Whitman says, traveling the open road, “healthy, free, the world before me.”

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