Home Remodeling Costs Rise … And Fall
Posted by Richard on November 9, 2021
Lots of people are doing home improvement projects this year, but there are stumbling blocks.
Prices are higher, some materials may be limited and contractors don’t have enough help, but these difficulties should ease in the coming months.
A survey by Harvard University’s Joint Center for Housing Studies found that 80 percent of respondents had started DIY home improvement projects as of May 2021.
Meanwhile, costs for home improvement and construction materials have risen. The petrol-chemical supply chain was disrupted by a deep freeze in the South last winter, just one factor that caused painting and coating prices to rise 10.6 percent from 2020.
Lumber prices are up, but cooling off. In May, lumber per thousand board feet surged to over $1,600, up from $500 in October last year. Prices have since fallen to roughly $600 as of Sep. 23.
An Autodesk-AGC of America Workforce Survey found that 90 percent of contractors surveyed had openings for hourly craft positions.