U.S. homeowners spent $204 billion on improvement projects in 2023. Roofing and exterior repairs now drive more demand, while costs and labor shortages are reshaping how work gets done.
Key Takeaways
- Home improvement market demand shifted toward exterior projects in 2022, with roofing/repairs accounting for 17% of project spend (2022 analysis)
- In 2023, U.S. homeowners spent $204 billion on home improvement projects (revised estimate)
- The Producer Price Index for construction inputs for residential remodeling increased by 3.1% in 2023 (annual rate)
- 29% of homeowners completed a home improvement project using a DIY approach in 2023 (survey result)
- 13.5% of U.S. households participated in energy-efficiency-related home improvement programs in 2022 (share of households receiving assistance)
- 29% of households used social media for product or contractor discovery in 2023 (survey)
- The average U.S. bathroom remodel cost was $31,000 (2023 national average estimate)
- Labor costs accounted for 28% of construction cost for remodeling projects (Cost Breakdown study, 2022)
- BLS residential remodeling price index increased by 5.2% from 2022 to 2023 (annual change)
- Lowe's operating margin was 4.2% in fiscal 2023
- Lowe's e-commerce sales were 22% of total sales in 2023 (percentage)
- U.S. contractor gross margins averaged 17% in 2022 (industry survey, median)
- 1.8 million U.S. homeowners started a renovation project during 2023 (survey estimate)
- 3.7% average annual growth rate in U.S. home improvement retail sales forecast for 2024–2028 (projection)
- $107 billion U.S. window and door replacement market in 2023 (vendor market estimate)
In 2023, Americans spent $204 billion on home improvements, with exterior repairs and roofing driving demand.
Related reading
01 · Category
Industry Trends9 stats
01
Home improvement market demand shifted toward exterior projects in 2022, with roofing/repairs accounting for 17% of project spend (2022 analysis)
02
In 2023, U.S. homeowners spent $204 billion on home improvement projects (revised estimate)
03
The Producer Price Index for construction inputs for residential remodeling increased by 3.1% in 2023 (annual rate)
04
The U.S. Census Bureau reported 1.7 million residential construction projects started in 2023 (permit/starts-based measure)
05
Cement prices increased by 4.9% in 2023 (annual rate, BLS producer price series)
06
The share of contractors using project management software reached 62% in 2024 (survey result)
07
Interest rates for 30-year fixed-rate mortgages averaged 6.62% in 2023 (affects renovation financing)
08
25% of remodeling contractors reported increased demand for exterior projects in 2023 (survey)
09
62% of construction firms cited labor shortages as a significant constraint in 2024 (survey)
Interpretation
Industry Trends Interpretation
In the Industry Trends category, a shift toward exterior work is clear as roofing and repairs made up 17% of project spend in 2022, while demand stayed strong in 2023 with $204 billion spent and construction input costs rising 3.1% for residential remodeling.
02 · Category
User Adoption5 stats
01
29% of homeowners completed a home improvement project using a DIY approach in 2023 (survey result)
02
13.5% of U.S. households participated in energy-efficiency-related home improvement programs in 2022 (share of households receiving assistance)
03
29% of households used social media for product or contractor discovery in 2023 (survey)
04
63% of contractors offer electronic payments (ACH/cards) as standard payment methods (survey, 2024)
05
74% of homeowners obtained at least two bids for home improvement projects in 2023 (survey)
Interpretation
User Adoption Interpretation
In 2023, user adoption is clearly broad and fast growing, with 29% of homeowners doing DIY projects and 29% using social media to find products or contractors, while 74% seeking at least two bids shows users actively shop around rather than sticking to one default option.
03 · Category
Cost Analysis11 stats
01
The average U.S. bathroom remodel cost was $31,000(2023 national average estimate)
02
Labor costs accounted for 28% of construction cost for remodeling projects (Cost Breakdown study, 2022)
03
BLS residential remodeling price index increased by 5.2% from 2022 to 2023 (annual change)
04
Average cost to install a new asphalt shingle roof in the U.S. was $11,000in 2023 (national average)
05
Solar panel system cost averaged $2.90per watt in the U.S. in Q4 2023 (DOE soft/hard cost estimate)
06
The Consumer Price Index for 'Maintenance and repair of private residences' increased by 4.0% from 2022 to 2023
07
U.S. construction materials retail prices rose by 3.6% in 2023 (annual change, BLS PPI construction materials)
08
18% median cost increase for masonry and stonework projects between 2022 and 2023 (market study)
09
$2,300average cost for a minor bathroom remodel in the U.S. (2023 estimate; homeowner cost benchmark)
10
$38,000average cost for a kitchen remodel in the U.S. (2023 national benchmark)
11
35% of remodeling contractors reported subcontractor labor as the largest cost component after direct labor (survey, 2024)
Interpretation
Cost Analysis Interpretation
Cost analysis shows that remodeling and home maintenance are getting more expensive, with the BLS residential remodeling price index rising 5.2% from 2022 to 2023 and the CPI for maintenance and repair of private residences up 4.0% over the same period.
More related reading
04 · Category
Performance Metrics5 stats
01
Lowe's operating margin was 4.2% in fiscal 2023
02
Lowe's e-commerce sales were 22% of total sales in 2023 (percentage)
03
U.S. contractor gross margins averaged 17% in 2022 (industry survey, median)
04
In 2023, 73% of consumers used online reviews to select a home improvement contractor (survey)
05
Default rates on home improvement installment loans were 2.1% in 2023 (annual performance metric)
Interpretation
Performance Metrics Interpretation
Performance metrics for home improvement point to a digitally driven and profitability-conscious market, with Lowe’s posting a 4.2% operating margin in fiscal 2023 while e-commerce reached 22% of total sales and 73% of consumers relied on online reviews to choose contractors.
05 · Category
Market Size3 stats
01
1.8 million U.S. homeowners started a renovation project during 2023 (survey estimate)
02
3.7% average annual growth rate in U.S. home improvement retail sales forecast for 2024–2028 (projection)
03
$107 billion U.S. window and door replacement market in 2023 (vendor market estimate)
Interpretation
Market Size Interpretation
In the market size for home improvement, about 1.8 million U.S. homeowners began renovation projects in 2023, while home improvement retail sales are projected to grow at a 3.7% average annual rate from 2024 to 2028 and window and door replacement alone reached $107 billion in 2023.
report visual · Comparison
Home Improvement: Spend, Financing, and Market Signals
Home improvement demand remains strong, while costs and financing pressures—plus input-price inflation—shape what projects get built and renovated.
In 2023, U.S. homeowners spent $204 billion on home improvement projects (revised estimate)$204 billion
13.5% of U.S. households participated in energy-efficiency-related home improvement programs in 2022 (share of household
13.5%
Interest rates for 30-year fixed-rate mortgages averaged 6.62% in 2023 (affects renovation financing)
6.62%
The Producer Price Index for construction inputs for residential remodeling increased by 3.1% in 2023 (annual rate)
3.1%
source-verifiedjchs.harvard.edu · data.bls.gov · fred.stlouisfed.org · eia.gov2023
Reference
Cite This Report
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APA
Min-ji Park. (2026, February 13). Home Improvement Statistics. Gitnux. https://gitnux.org/home-improvement-statistics
MLA
Min-ji Park. "Home Improvement Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/home-improvement-statistics.
Chicago
Min-ji Park. 2026. "Home Improvement Statistics." Gitnux. https://gitnux.org/home-improvement-statistics.
Sources & references
33 datasets cited across this report · attribution is report-level
+7 additional datasets cited (not shown individually)