Typically, home improvement spending declines during economic downturns, but the early days of the pandemic defied this trend. And while the unexpected surge began to slow in 2023 amid inflation and rising interest rates, home improvement spending is expected to begin to rebound going into 2025. To better understand geographical differences in home improvement spending, researchers at Construction Coverage analyzed the latest data from the Federal Financial Institutions Examination Council’s 2023 Home Mortgage Disclosure Act, the U.S. Census Bureau’s 2022 American Community Survey, and Zillow’s Zillow Home Value Index.
