As the global pandemic, COVID-19, continues to alter our lives, its impact is also felt in unexpected sectors such as home renovation. This article seeks to explore the trends, impacts, and general state of the home remodeling industry in these unprecedented times.
The outbreak of the pandemic forced many homeowners into seclusion as various government bodies pronounced stay-at-home orders and issued guidelines favoring social distancing. This sudden shift catalyzed a surge in home-resetting activities. Individuals, now quarantined, looked to make their living spaces more comfortable, purposeful, and apt for the multi-functional needs occasioned by the pandemic.
Data from HomeAdvisor’s newly released 2021 True Cost Report indicated that the total number of home projects per household increased by 12 percent. This was further reinforced by HomeAdvisor’s senior economist, Mischa Fisher, who noted a trend towards more homeowners embarking on home improvement projects since the onset of the pandemic.
Despite the initial increase in home projects, a contrary trend is emerging as the globe learns to cope with the incessant virus. Despite the prevalence of the pandemic, there is a dip in the number of homeowners planning for home improvement in 2021. Data from the 2021 True Cost Report indicates that only 57 percent of homeowners are considering home-enhancement projects compared to 80 percent the previous year.
However, the dip does not necessarily spell doom for the remodeling industry. It appears to be a mere re-balancing effect after the initial virus-induced surge. It is critical to note that those who do plan on home refurbishment plan on spending more – an average of $13,138, an increase from $11,473 in the previous year.
Though the numbers may be fewer, the demand remains solid. Home improvement companies are far from being put out of business. The decline in the number of homeowners planning to renovate is offset by the increase in the size and cost of projects. Homeowners may not be coming out in their droves as they initially did, but when they do, they have larger, often pricier projects to execute.
The pandemic ushered in a change that saw the evolution of homes from mere living abodes to multifunctional spaces. Flexible, comfortable, and efficient spaces are in demand, and renovations often lean towards the incorporation of home offices, fitness centers, or recreational spaces. Garden and outdoor initiatives also experienced a spike, spurred on by the need for fresh air and greenery in the face of restricted movement.
The report further revealed that the average amount spent per homeowner on home services in 2020 was approximately $13,138, a significant increase from the $8,305 spent in 2019. The ongoing need for materials, the shifting demand, the dynamic labor cost, and the evolving trends in the home improvement industry ensure its viability despite the decline in the number of homeowners looking to remodel.
In conclusion, while there may be fewer homeowners planning on home remodeling projects in 2021, the overall demand is still strong. On the flip side, homeowners who do decide to conduct home improvement projects plan on spending more, confirming the sturdy state of the home improvement industry at large. It reiterates the theory that within change, there lies opportunity – a testament to the resilient and adaptive nature of the marketplace.