Hardware Retailing The Industry's Source for Insights and Information
New home construction isn’t back to pre-recession highs, but spending money on home upgrades and repairs is.
“Commerce Department figures show that in real, or inflation-adjusted terms, people are spending as much on home and garden tools and supplies as they were in 2007, before the last recession,” according to Justin Lahart, writing for The Wall Street Journal.
In prior years, growth in home improvement spending more closely matched investments in new construction, the article says.
“Rather than buy their dream home, people are trying to make the home they already own look more like it,” Lahart writes.
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