Spending for residential improvements and repairs is expected to shrink this year for the first time since 2010, but signs point to some easing of declines by year’s end.
The US population 65 and over soared by 34 percent in the last decade, from 43 million in 2012 to 58 million in 2022. In the coming decade, the fastest growth will occur among those over 80, when people are more likely to need accessible housing as well as services and supports at home. The US, however, is not ready to provide housing and care for this surging population.
What is the state of housing design in the US, and how are architects responding to issues such as climate change, the affordability crisis, increasing regulations and construction costs, and the demand for new housing that better reflects today's demographic realities?
Annual spending for improvements and repairs to owner-occupied homes is expected to decrease at a moderate rate over the coming year, according to the Leading Indicator of Remodeling Activity (LIRA)
Annual expenditures for improvements and repairs to owner-occupied homes are expected to decline at an accelerating rate through the first half of 2024.
After more than a decade of continuous growth, annual spending on improvements and repairs to owner-occupied homes is expected to decline by early next year,
The pandemic focused attention on our homes as never before, lifting the US remodeling market to an unprecedented height of $567 billion in 2022. But greater investment is needed to better prepare against disasters, improve energy efficiency, and meet the accessibility needs of an aging population.
On Tuesday, March 28, 2023 at 6:30 pm ET, architect Andrew Bernheimer, FAIA, will deliver the 22nd Annual John T. Dunlop Lecture, presented by the Harvard Joint Center for Housing Studies at the Harvard Graduate School of Design.
