One of the big drivers of consumer spending in the last several years has been home improvement. Spending by homeowners on remodeling and repairs has been growing year after year, to about $326 billion annually. A combination of factors have driven demand — from people staying in their homes longer to an increase in natural disasters that force homeowners to repair and renovate their homes. Now a closely-watched indicator of home improvement demand is signaling the first decline in a decade.
Click on the player above to listen to the story.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.