We’re all bored to death sitting at home to steer clear of COVID-19. So what do you do about it?
Remodel.
CNBC reports that project leads for remodelers through Houzz are up 58% YoY. Kitchen and bath remodels are up 40%. Additions are up 52% while fence installations and repairs are up 166%.
One contractor told CNBC his clients are saying that because they’re saving money by not going to restaurants or on vacation, “they’re deciding to add that value back into their homes as an investment.”
CNBC also says a recent survey found that “more than three-quarters of all U.S. homeowners said they had done some type of home improvement project during the pandemic.” Plus, “three-quarters also said they plan to take on a new project in the next 12 months.”
If you were wondering why Home Depot’s share price is up 85% since mid-March, there you are.
Most suppliers have their hands full just trying to take care of their home builders right now, but that’s how this business works: When it rains, it pours. If you can find time to put another bucket out in the yard, chances are it’ll be full before you know it.