As we approached a year since the outbreak of COVID-19, housing activity continued to experience notable growth with increases across key indicators in February.
New and Existing Housing Supply Activity, February 2021
- Single-family housing authorizations increased 9.08% year over year.
- Existing housing maintenance volume increased 7.46% year over year.
- Existing housing remodel volume increased 6.73% year over year.
The COVID-19 pandemic has spurred significant changes in consumer behavior as Americans have shifted to remote work, less travel, and more time at home. One such indicator of behavior change is the increased investment in the existing housing stock, which has experienced remarkable growth as Americans continue to spend significantly more time at home and focus on home improvements.
Exterior home renovations are, in part, what’s driving the increase in maintenance and remodeling. For example, construction of secondary structures (such as a detached office space, guest room, or garage), pools, solar panels, and decking have increased amid the pandemic. These increases likely reflect shifts in the way Americans use their homes to accommodate new lifestyle norms brought on by the pandemic.
Download the full report to learn more about home renovation trends during the pandemic.