After rising to a record high last year in Canada, spending on home renovations fell off a cliff in the early days of the COVID-19 pandemic. Then COVID-19 struck — and just as the pandemic had a negative impact on almost everything else in the economy, it brought that spending to a grinding halt. Altus Group is now forecasting that after a record 2019, spending on home renovations will fall in every province this year. "Telework has already spurred spending on home comfort," he said, especially for one type of renovation: home offices. After plunging because of COVID-19, U.S. consumer spending on household furnishings, equipment and maintenance surpassed pre-virus levels in June.

Source: CBC News August 30, 2020 07:52 UTC