Picture this: while U.S. home improvement spending dipped slightly to $465 billion last year, that global powerhouse—where homeowners are confidently pouring billions into kitchens, bathrooms, and energy-efficient upgrades—is not just holding strong, it’s fundamentally reshaping how we live.
Key Takeaways
- In 2023, U.S. home improvement spending totaled $465 billion, marking a 2.5% decline from 2022 but still above pre-pandemic levels
- Global home improvement market size reached $842 billion in 2022, projected to grow at 5.2% CAGR to 2030
- U.S. remodeling expenditures grew 8.4% year-over-year in Q4 2023 to $140 billion annualized
- U.S. homeowners spent an average of $12,900 on improvements per household in 2023
- 55% of U.S. homeowners planned DIY projects in 2024, down from 62% in 2022, citing cost concerns
- Millennials (ages 28-43) accounted for 42% of all home improvement projects started in 2023
- Kitchen remodels were initiated by 32% of U.S. homeowners in 2023, average cost $28,000
- Bathroom renovations topped project lists at 26% initiation rate, averaging $12,500 cost in 2023
- Deck additions or replacements comprised 18% of outdoor projects, $15,200 average spend 2023
- U.S. homeowners spent average $9,000 on kitchen remodels in 2023, up 5% YoY
- Bathroom projects averaged $11,000 spend per U.S. household 2023, 7% increase
- Outdoor upgrades cost avg $4,200 for basic landscaping 2023 U.S. data
- Northeast U.S. home improvement spend avg $14,500/household 2023, highest regionally
- California led with $25 billion total improvement market share 15% of U.S. 2023
- Midwest saw 4.2% growth in remodeling activity Q1 2024 vs flat coasts
Despite a slight 2023 dip, home improvement spending remains robust and continues to grow globally.
Consumer Behavior
- U.S. homeowners spent an average of $12,900 on improvements per household in 2023
- 55% of U.S. homeowners planned DIY projects in 2024, down from 62% in 2022, citing cost concerns
- Millennials (ages 28-43) accounted for 42% of all home improvement projects started in 2023
- 68% of U.S. homeowners prioritized energy efficiency in 2023 remodels, up 15% from 2020
- Women influenced 76% of home improvement purchasing decisions in U.S. households 2023
- Average age of U.S. home improvers was 49 in 2023, with Baby Boomers still active at 28% participation
- 41% of Gen Z homeowners undertook DIY projects in 2023, highest rate among generations
- Satisfaction rate for completed home projects reached 87% among U.S. consumers in 2023
- 62% of homeowners delayed projects in 2023 due to inflation, per survey of 2,500 adults
- Urban dwellers spent 20% more on home improvements than rural in 2023 average $15,200 vs $12,600
- 73% of U.S. homeowners used credit cards for improvement purchases averaging $4,500 debt in 2023
- Repeat improvers (3+ projects/year) comprised 35% of active U.S. market in 2023
- 51% of homeowners researched online before buying improvement products, 29% used social media
- Post-pandemic, 45% of buyers prioritized outdoor spaces over indoor in 2023 surveys
- Low-income households (<$50k) cut improvement spending by 18% in 2023 to average $5,800
- 64% of homeowners aged 55+ focused on aging-in-place modifications like grab bars in 2023
- Mobile app usage for project planning rose to 38% among improvers in 2023
- 72% of U.S. homeowners reported higher satisfaction with contractor hires vetted via reviews
- Eco-conscious consumers (22% of total) paid 15% premium for green materials in 2023
- Weekend warriors averaged 4.2 DIY projects per year in 2023 U.S. survey
- 59% preferred big-box stores like Home Depot for purchases, 22% independents in 2023
- Homeowners with children under 18 spent 25% more on safety upgrades in 2023
- 48% of renters also engaged in minor improvements averaging $1,200 spend 2023
- Social media influenced 31% of project ideas, TikTok leading at 18% for Gen Z
Consumer Behavior Interpretation
Americans are pouring record sums into their homes, though inflation is testing their resolve, as evidenced by a cautious retreat from DIY, a surge in strategic spending on energy efficiency and aging-in-place features, and the undeniable influence of both savvy women and social media—all while a mountain of credit card debt quietly grows alongside their satisfaction.
Market Size and Growth
- In 2023, U.S. home improvement spending totaled $465 billion, marking a 2.5% decline from 2022 but still above pre-pandemic levels
- Global home improvement market size reached $842 billion in 2022, projected to grow at 5.2% CAGR to 2030
- U.S. remodeling expenditures grew 8.4% year-over-year in Q4 2023 to $140 billion annualized
- Home improvement retail sales in the U.S. hit $1.1 trillion in 2023, driven by big-box stores like Home Depot and Lowe's
- The DIY home improvement segment accounted for 52% of total U.S. market spend in 2023, equating to $242 billion
- Professional remodeling market in North America expanded to $220 billion in 2023, up 1.8% from prior year
- U.S. home improvement market CAGR from 2018-2023 averaged 4.7%, fueled by aging housing stock
- In 2024 forecast, U.S. remodeling activity to rise 1.2% to $475 billion, per LIRA index
- European home improvement market valued at €250 billion in 2023, with Germany leading at 25% share
- Asia-Pacific home improvement sector grew 7.1% in 2023 to $320 billion, led by China and India urbanization
- U.S. online home improvement sales surged 15% in 2023 to $85 billion
- Inflation-adjusted U.S. home improvement spending peaked at $520 billion in 2022
- Canadian home improvement market hit CAD 45 billion in 2023, up 3% YoY
- UK home improvement spend reached £38 billion in 2023, with 4% growth projected for 2024
- Australian residential improvement market valued at AUD 25 billion in FY2023
- Brazil home improvement market expanded 6.5% to BRL 120 billion in 2023 amid housing boom
- U.S. multifamily home improvement spending rose 12% in 2023 to $35 billion
- Sustainable home improvement market globally hit $150 billion in 2023, CAGR 9.2%
- Paint and coatings segment in U.S. home improvement grew 4.1% to $12.5 billion in 2023
- Flooring market within home improvement reached $28 billion in U.S. 2023 sales
- Kitchen remodeling market in U.S. valued at $55 billion in 2023
- Bathroom remodel spend totaled $40 billion across U.S. in 2023
- Outdoor living space improvements hit $25 billion U.S. market in 2023
- Smart home integration in improvements added $15 billion to U.S. market in 2023
- Energy-efficient upgrades segment grew 11% to $42 billion in U.S. 2023
- U.S. home improvement contractor revenue reached $210 billion in 2023
- Hardware stores segment sales up 5.3% to $55 billion U.S. 2023
- Garden center sales within home improvement hit $48 billion U.S. 2023
- Window and door replacement market $18 billion U.S. 2023
- Roofing improvements totaled $22 billion in U.S. residential spend 2023
Market Size and Growth Interpretation
Despite a minor post-pandemic hangover, the world is steadfastly hammering away, with homeowners and professionals alike collectively investing over a trillion dollars into their dwellings, proving that the universal urge to improve one's nest is both a massive economic engine and a relentless force of nature.
Project Types
- Kitchen remodels were initiated by 32% of U.S. homeowners in 2023, average cost $28,000
- Bathroom renovations topped project lists at 26% initiation rate, averaging $12,500 cost in 2023
- Deck additions or replacements comprised 18% of outdoor projects, $15,200 average spend 2023
- Whole-house remodels accounted for 9% of major projects, averaging $85,000 in 2023 U.S.
- Roof replacements initiated by 14% of homeowners, $20,000 average cost per project 2023
- Window replacements in 22% of homes, averaging 10 windows at $550 each totaling $22,000 2023
- HVAC system upgrades done by 16% , average $7,900 cost including ductwork 2023 data
- Garage door replacements at 12% rate, $4,200 average motorized install 2023
- Landscape lighting installations up 19%, $3,500 average project cost 2023
- Backup generators added in 8% of homes post-storms, $14,000 average 2023
- Hardwood floor refinishing 21% of flooring projects, $3.50/sq ft average 2023
- Paint jobs interior/exterior 45% most common minor project, $2,500 avg 2023
- Fence installations 13%, $2,800 linear foot avg vinyl/wood 2023 U.S.
- Home office builds 11% since 2020, $15,000 avg conversion 2023
- Solar panel installations 7%, $25,000 avg pre-incentive cost 2023
- Basement finishing 10%, $35/sq ft average turnkey 2023 projects
- Siding replacements 15%, $16,000 avg fiber cement install 2023
- Attic insulation upgrades 17%, R-49 value avg $2,000 cost 2023
- Driveway resurfacing 9%, $4.50/sq ft asphalt avg 2023
- Patio enclosures 6%, $20,000 screen room avg 2023
- Custom closets 14%, $1,500 avg walk-in install 2023
- Fire pit additions 20% of backyard projects, $500 prefab avg 2023
- Storm door installs 11%, $400 avg per door 2023 U.S.
Project Types Interpretation
In 2023, America’s homeowners collectively declared, “We shall remodel in place,” proving our national obsession with upgrading our nests is rivaled only by our willingness to pay a small fortune for the privilege of not having to move.
Regional Variations
- Northeast U.S. home improvement spend avg $14,500/household 2023, highest regionally
- California led with $25 billion total improvement market share 15% of U.S. 2023
- Midwest saw 4.2% growth in remodeling activity Q1 2024 vs flat coasts
- Florida outdoor projects 28% above national avg due to climate, $6,200 spend 2023
- Texas DIY rate 58% highest in U.S., avg $8,900 spend 2023
- New York City condo improvements avg $45,000/kitchen vs $25k national 2023
- Pacific Northwest energy upgrades 35% above avg, $22k/house 2023 rainy climate
- South Atlantic region roof replacements 22% rate post-hurricanes 2023
- Mountain states landscaping spend $5,800 avg drought-resistant 2023
- Great Lakes insulation projects 24% participation cold winters 2023
- Southwest solar installs 42% of national total, avg 8kW systems 2023
- New England aging-in-place mods 31% above avg seniors heavy 2023
- Plains states deck builds 19% rate rural properties 2023 avg $18k
- Mid-Atlantic bath remodels $15k avg historic homes 2023
- West Coast smart home adoption 48% homes improved 2023 tech hub
- Gulf Coast HVAC upgrades 29% post-floods $10k avg 2023
- Rocky Mountains window replacements for efficiency 26% rate 2023
- Ohio Valley siding vinyl 67% preference corrosion resistance 2023
- Upper Midwest garage expansions 16% cold storage needs 2023 $25k avg
- Southeast fence installs privacy 34% urban sprawl 2023
Regional Variations Interpretation
America’s home improvement spending paints a vibrant, climate-driven and occasionally competitive portrait of national priorities, where Northeasterners methodically renovate, Californians spend with imperial grandeur, Texans proudly DIY, New Yorkers gild their condo kitchens, and everyone else is just trying to keep the rain, heat, wind, or cold from invading their living rooms.
Spending Patterns
- U.S. homeowners spent average $9,000 on kitchen remodels in 2023, up 5% YoY
- Bathroom projects averaged $11,000 spend per U.S. household 2023, 7% increase
- Outdoor upgrades cost avg $4,200 for basic landscaping 2023 U.S. data
- DIY projects saved avg $5,600 vs pro hire, but 22% required fixes costing $1,200 2023
- High-end kitchen remodels averaged $80,000+ in coastal areas 2023
- Energy retrofits averaged $18,000 rebate-eligible spend 2023 U.S.
- Paint projects avg $3,200 full house interior 2023 pro cost
- Flooring replacement $6-$12/sq ft installed avg laminate to hardwood 2023
- Roof replacement avg $12,000-$18,000 asphalt shingles 2,000 sq ft 2023
- Window installs $300-$1,200 per unit avg vinyl double-pane 2023
- HVAC replacement $5,500-$12,500 full system avg 2023 efficiency models
- Deck build $25-$50/sq ft composite avg 300 sq ft 2023
- Solar install $2.80-$3.50/watt pre-tax credit avg 6kW system 2023
- Bathroom addition $40,000-$60,000 full new 2023 avg
- Siding install $5-$14/sq ft vinyl to fiber cement 2023
- Insulation $1.50-$3.50/sq ft blown-in attic 2023 costs
- Fence install $15-$30/linear ft wood privacy 2023 avg
- Garage door $800-$2,500 insulated steel avg 2023
- Basement finish $30-$75/sq ft avg drywall to full 2023
- Landscape lighting $2,500-$4,500 10-fixture system 2023
- Custom closet $1,200-$6,000 walk-in avg 2023
- Patio $10-$50/sq ft paver or concrete 2023 avg
- Driveway asphalt $3-$7/sq ft resurface 600 sq ft 2023
- Backup generator $10,000-$17,000 20kW whole-home 2023
- Fire pit $300-$5,000 gas/propane outdoor 2023 avg
- Storm windows/doors $250-$800 per unit energy-efficient 2023
Spending Patterns Interpretation
The data reveals that the average American home is a bottomless pit of lovingly chosen, financially ruinous upgrades, where even the noble DIY attempt often becomes a tutorial for hiring a professional.
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