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While growth in the market slowed in 2023 compared to the boom of years prior, and retail sales were comparatively lower in January 2024 when compared year over year, HIRI’s latest Home Improvement Size of Market forecast is positive. Read more

Taking note of these types of trends and activities within the MEP industry can help both manufacturers and suppliers make strategic decisions around product development, marketing, and prioritizing the channels that homeowners and contractors utilize when selecting and purchasing mechanical, electrical and plumbing products and materials. Learn more

Spending on lawn and garden equipment and supplies experienced modest growth of about 4.9% in 2023, and is projected to grow another 4.7% from 2024 to 2027. However, when you take into account inflation, the growth over the next couple of years is adjusted to about 3.2%, according to findings in our latest U.S. Home Improvement Products Market Forecast. Read more:

At the end of last year, about 61% of homeowners were planning to undertake at least one home improvement activity in the next 90 days—or first quarter of 2024. Here's exactly what projects homeowners report they will complete:

From HIRI’s Q2 2023 project activity report, we see 2 quarters of growth following a low in Q4 of 2022. Complementing this equity is historically low unemployment rate and above average wage growth.

HIRI recently released its latest iteration of the U.S. Home Improvement Products Market Forecast, offering valuable insights into the state of the industry and the broader economic landscape. Here's what we know:

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.

Here are eight of the most impactful demand drivers to account for in accurate demand forecasting for home improvement products and building materials:

In May a primary theme emerged in that a majority of homeowners prioritized cost-friendly home improvement options, whether that meant opting for smaller-scale projects or going the do-it-yourself route.