Next to Netflix, home renovation may have been the biggest stay-at-home play of the pandemic.
From new home offices to expanded decks to basement gyms, homeowners have been upgrading and expanding their spaces at record rates for the past two years. That trend appears to be slowing down.
After big projected jumps in the first half of this year, the gains in renovation spending will top out in the third quarter and then decelerate to a more sustainable growth rate, according to Harvard’s Joint Center for Housing.
“The rising costs of labor and construction materials, difficulty retaining contractors, and climbing interest rates could discourage owners from undertaking new or larger…