Lawn & garden leads by a long shot
The summer months are typically the high points for home improvement project planning, and based on the second-quarter installment of the Home Improvement Research Institute’s Project Sentiment Tracking Study, this year doesn’t seem to be different.
The summer months are typically the high points for home improvement project planning, and based on the second-quarter installment of the Home Improvement Research Institute’s Project Sentiment Tracking Study, this year doesn’t seem to be different.
The incidence rate of planned projects jumped from 65.7% in the first quarter to 72.9% in the second quarter. By incidence rate, HIRI means homeowners planning one or more projects in the coming three months. The second quarter is the traditional high-water mark of project planning. The latest data shows a big jump from the first quarter to the second quarter. However, there has been a statistically significant decline in project planning incidence since 2013.
HIRI’s Project Sentiment Tracking Study is conducted quarterly with a nationally representative sample of homeowners and more than 3,000 respondents per quarter.
Other highlights from the report include:
Homeowners are planning an average of 4.2 projects in the next three months. This compares with planning 4.4 projects in the second quarter of last year.
Exterior projects, like landscaping (40.8%), adding a deck (17.5%) or exterior painting (17.5%), are by far the most popular this time of the year. Kitchen renovations are the only types of interior projects consistently in the top five across the country.
Siding and driveway/walkway projects saw a large decline from the second quarter of 2015, while dining room, roof and bedroom projects saw significant increases.
Adults in their 30s and those with children are among those doing the most home improvement projects coming this summer, while retirees and single-person households are doing the least.
The top motivators for initiating a project are routine maintenance, repairing/replacing parts of your house, modernizing or upgrading your house, and increased finances.
Designed to serve the industry as a leading indicator, the Project Sentiment Tracking Study also tracks consumer attitudes and motivations toward home and home improvement. For more information, visit HIRI.org.