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Home improvement spending to soften over next year

Growth in home renovation spending is expected to soften next year as fewer property owners fix up their homes in preparation for sale, the latest report from the Joint Center for Housing Studies of Harvard University said.

The study forecasts that year-over-year gains will slow to 10.1% by the end of the first half of 2023 from 15.9% for the just-ended second quarter and 17.4% by the end of this year. However, this year’s pace of growth was well ahead of what the JCHS expected last July as that Leading Indicator of Remodeling Activity report predicted annual growth of 8.2%

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