The Wall Street Journal announced this week that Harvard University’s Joint Center for Housing Studies has reported an expectation of American spending on home improvements this year to top $316 billion. This latest boom in spending is being driven mostly by two groups on opposite ends of the age spectrum: baby boomers and millennials. Increasing housing costs are driving more Americans to stay in the homes 
they currently have and make upgrades, or buy older homes that require more renovations. The WSJ report states that baby boomers are staying in their homes longer and are living longer, so are doing more renovation projects. Due to this influx of DIY projects, home improvement retailers are continuing to report successes. The Home Depot will be announcing their Q2 results on August 15 and economists are expecting to see increases in year-over-year store comps. This follows Home Depot’s Q1 reporting of 6% increases in same-store comps. Last year Americans spent $296 billion on home improvements. If the growth to $316 billion is realized, spending this year will increase by 7%.
Sources: WSJ, HardwareRetailing.com
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