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Throughout 2022 and 2023, consumer sentiments have been low and the result has been postponement of larger home improvement and remodeling projects. As we look towards 2024, with economic uncertainty easing, home improvement spend is also anticipated to resume.

HIRI has analyzed recent market performance and consumer preferences to get a comprehensive picture of the state of the lumber and building materials market. The wood-based building materials market has experienced both positive and negative performance in recent years, and current HIRI size-of-market research points to a continuation of that pattern. Consider these figures:

From this 10 minute video, you'll get a sense of the current macro-economic environment and how it is impacting homeowner behaviors.

As of findings from March of 2023, the majority of homeowners feel it is a bad time to start a remodeling project over $5000. But, the number of homeowners with positive sentiments towards starting smaller remodeling projects, under $5000, remains high, at 44%. Here's what we're seeing:

For those who missed the presentations at NAHB's IBS/KBIS/NHS Shows in 2023, here are the top 5 themes that will impact the home improvement industry in the short and long term:

The smart home is growing with 37% of all internet connected homes having at least one smart home device. Adoption is predicted to continue to rise as purchase intentions are at an all-time high. However, this increase in popularity has not come without some setbacks for consumers, retailers, and suppliers alike, which pose challenges for brands attempting to emerge in the space.

While it’s impossible to know the exact outcome for the road ahead, we can take a look back on the path we’ve traveled so far. Here’s a quick recap of the events that defined 2022 for the home improvement industry:

Did you miss this year’s Summit? Not to worry. We’ve assembled five high-level takeaways summarizing the hottest topics covered at the event. Read more...

Recent home improvement product market growth appears to have peaked in 2021 at 15.8%, driven by surges in demand for home renovation during the height of the COVID-19 pandemic. Read more ...