The sound of power tools is roaring in neighborhoods across the United States. And all along Chester County neighborhoods, do-it-yourself and home improvement projects have been in full swing. Once COVID hit, families needed someplace the kids could play and learn. Playhouses went up in the back yard, basements were converted to school rooms, dens were now home offices.
Necessity is one factor driving the building boom. Americans have been forced to use their houses more — and differently. But that doesn’t account for the huge spike in demand documented by Max Anderson, chief economist at Porch.com. The company is an online marketplace connecting homeowners to contractors.”This is all-time highs,” Anderson says. “In terms of like measured history in the United States, this is the, the highest levels of, of home improvement spending we’ve ever seen. “Home improvement spending has been on a long steady rise, so it’s not too surprising that U.S. homeowners are on track to spend more than ever, but the surge in demand is striking. Anderson measures demand based on searches for home improvement service projects on Porch.com. During the third quarter of 2020, the company tracked 330 million U.S. Google searches for home improvement work — that’s up almost 50% from the same period last year.
Anderson says that just over 3 out of 4 homeowners whom Porch.com surveyed have completed a major project since the start of the COVID-19 pandemic, and roughly the same percentage have one on the drawing board. Homeowners younger than 40 are the most likely to have completed projects this year, though more than half of baby boomers have done home improvement work too.
Rock-bottom interest rates also make home improvements more attractive. And he says that in unsettling times, spending on one’s home can be a comforting investment. People aren’t going on vacations or going out to restaurants, so they’re appreciating their homes more and spending money on them. Many people have money to spare so they are updating their vacation homes and upgrading their primary homes, too.
More than three-quarters of U.S. homeowners did at least one home improvement since the start of the pandemic, according to a July survey by Porch, a home-services website. While 61% of homeowners did outdoor work to improve their garden, patio or the structure of their home, 58% made interior improvements such as replacing their floors or renovating a bathroom. Homeowners spent a median of $17,140 since the pandemic began on home improvements.
Fred Callaghan Carpet & Flooring invites you to stop by or schedule a consultation with one of our design team professional to discuss ideas for your next carpet, tile, or hardwood flooring project.