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Where homeowners are most impacted by the skilled labor shortage

Guide to Homeownership | Presented by Wells Fargo

With recent news of Home Depot and Lowe’s earnings losses, we’re starting to see a downward trend in home improvement spending. But there’s no doubt the home services industry saw a strong 2022. According to Harvard University’s Joint Center for Housing Studies data, Americans spent close to $500 billion on home improvements in 2022, marking a decade of continuous growth within the industry.

However, with pent-up demand from the COVID-19 pandemic and increasing labor shortages across all sectors, many homeowners struggled to find professional help for their construction needs. This has left homeowners to face remodels or even critical repairs themselves. In places where demand and supply are mismatched, homeowners may need to turn to DIY projects more often, brace for remodeling wait times, or even pay a premium on home contractor services. 

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