According to Harvard University’s Joint Center for Housing Studies, Americans are expected to spend $316 billion on home improvement upgrades this year, reports The Wall Street Journal.
Because of this growth in home improvement spending, home improvement retailers have continued to see success, reports the Journal, as other retail sectors have seen sluggish sales and departing staff and have found alternative solutions to continue operations.
Americans spent about $296 billion last year on home improvements, which is nearly $75 billion more than they spent on renovations seven years ago during the housing crisis, according to the article.
