Consumers in the Delaware Valley spent a record $6.5 billion on home improvements in 2019. This level of spending is projected to drop modestly next year, according to Harvard University’s Joint Center for Housing Studies.
“Declining home sales and home-building activity coupled with slower gains in permitting for improvement projects will put the brakes on remodeling growth,” says Chris Herbert, the center’s managing director.
“However, if falling mortgage interest rates continue to incentivize home sales, refinancing, and ultimately remodeling activity, the slowdown may soften some.”
If Philadelphia area small businesses that sell home improvement products and services would like to continue to grow despite the softening market, then advertising will be required.