Things are looking good for home remodeling – from DIY weekend warriors to renovation industry professionals. Here are some renovation trends of 2022.
The Leading Indicator of Remodeling Activity (LIRA) looks into short-term outlook of improvement and repair for owner-occupied homes since 2007. As of the July 15th 2021 LIRA report, growth and repair expenditures for residential homes is expected to remain solid into 2022, with a healthy increase in spending between DIYers and professional home renovators, predicting a 4.8 percent growth with the consumer market growing by 10.8 percent and the professional market growing by 18.2 percent.
What does this mean exactly? With many individuals still working from home and moving to new non-urban locations due to the added freedom of remote work, some take up the time to buy fixer uppers or improve their current home to better fit their new needs. From pandemic trends such as baking sourdough, finding new and creative ways to stay fit, and picking up new hobbies, many people also decided to try their hand at getting handy. Families and bachelors alike picked up a hammer and saw and began scratching must-do’s and must-wants from their repairs and remodel lists with all that spare time, keeping them busy and making their home as special as they envisioned in their minds!
Like building trends, the materials and building products market is predicted to grow by 2.3 percent with the consumer market growing by 0.2 and the professional market growing by 7.1 percent.
That being said, lumber prices are beginning to rise again and are expected to peak in the first and second quarters, partially due to high demand. To curtail supply chain issues, many Canadian lumber companies have moved operations to the US and the overhead costs of relocation, training, and distribution center reworking has an adverse effect. It is possible to curtail these costs by getting creative with materials – engineered timber that offer fewer emissions and waste during manufacturing, recycled materials, and 3D printed building materials as the new and exciting arrival.
All these options are great for the money and environmentally minded consumer, whether you’re a professional in the industry or looking to make some smarter purchases. But how can you go a step further? Support local businesses and local materials! At Larry’s Lumber we offer more than just lumber. Whether you need plumbing materials, windows, doors, tools, and more – we have the supplies for all your projects!