The housing market’s slowdown is going to kill the home renovation boom too

The stagnant housing market has been a boon for the remodeling industry for the past few years as more homeowners stayed put, adding footage, upgrading features or retrofitting their houses to allow them to “age in place.”

But now the housing market’s funk has become deep enough that it’s dragging down remodeling.

The pace of spending on renovations is likely to start declining next year, according to a report out Thursday from the Joint Center for Housing Studies of Harvard University.

Harvard’s Leading Indicator of Remodeling Activity touched a decade high of 7.7% this year, but annual increases in remodeling expenditures are projected to drift down to a 6.6% annual increase at this time next year.

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