CAMBRIDGE (CBS) — 2020 was a record-breaking 12 months for residence enhancements. Harvard University researchers found that Individuals spent practically $420 billion, a lot of it on do-it-yourself tasks.
The examine discovered that in late March of 2020, about 60% of individuals stated they began at the least one challenge within the earlier two to 3 weeks. By early Could that quantity jumped to just about 80%.
“Whereas the US financial system shrank by 3.5 % in 2020, spending on residence enhancements and repairs grew greater than 3 %, to just about $420 billion, as households modified dwelling areas for work, college, and leisure in response to the COVID-19 pandemic,” wrote researcher Kermit Baker, who’s director of the Transforming Futures Program.
He stated that whereas the pandemic introduced skilled residence transforming to a halt, DIY tasks surged.
The report predicts that because of adjustments in housing conditions brought on by the pandemic, “demand for reworking tasks may very well be even stronger than at the moment anticipated.”