Total spending on home improvement and repairs is projected to drop 7.7% over the next four quarters to $452 billion, researchers from Harvard University’s Joint Center for Housing Studies’ latest Leading Indicator of Remodeling Activity showed, YahooFinance.com reported. "The decline [expected] in 2024, if that comes to pass, would be the first decline in more than a decade," Abbe Will, associate project director of the Remodeling Futures Program, told Yahoo Finance in an interview. A second measure of remodeling activity also captured the slowdown. Data from the National Association of Home Builders showed remodeler confidence slipped in the third quarter of this year, with the index measuring current conditions falling for projects of all sizes and the index gauging future activity — rate at which leads and inquiries are coming in and the backlog of jobs — also declining. Still, the overall index signals that more remodelers view remodeling market conditions as good than poor.
