Home-improvement spending normally lags during recessions, but COVID-19 sparked an unexpected surge in do-it-yourself renovation and maintenance projects. Many households whose finances held up during the pandemic devoted time and money to making their indoor and outdoor living spaces more functional and comfortable for working, learning, and recreation.

Renovation Costs

Sources: Joint Center for Housing Studies of Harvard University, 2020; 2020 Cost vs. Value Report, Remodeling magazine (national averages)