Survey points to strength in home improvement spending

Political and economic uncertainty remains a fact of life, but it doesn't appear to be deterring homeowners from spending on home improvement projects for now, according to a HomeAdvisor survey.

The HomeAdvisor 2017 True Cost Report found that homeowners are actually spending nearly 60% more on home improvement than they were a year ago.

"Home improvement activity is showing resilience in the face of political shifts," said HomeAdvisor's Chief Economist Brad Hunter. "While there is a sharp divide in how homeowners feel about the economy and the current presidential administration, that divide is not affecting their willingness to take on home projects."

Though only 35% of homeowners are confident that Trump's policies will improve their personal economic situation, more than 80% are planning to complete as many or more home projects in the next 12 months than they did in the last 12 months.

Generationally, baby boomers are undertaking the most home projects (and spending the most money), but millennials are close behind.

Though spending is up with millennials, less than half report always hiring a professional, making this younger generation more prone to DIY.

Regionally, home improvement spending is gaining the most in the West and Northeast (and homeowners there are taking out the most home equity loans to complete projects).

"With the advent of millennials buying homes, including some fixer-uppers, and baby boomers well-established in their homes, there are more people in a homeownership position than there were in the last two years. These trends, along with rising home values and increased homeowner equity, are fueling home improvement spending," said Hunter. "I'm expecting to see continuing strong growth in large and discretionary improvement projects, including an increasing number of bathroom, kitchen and garage remodels."