As the latest Consumer Confidence Index scored a slight uptick (see Dashboard, page 42), the latest research from the Home Improvement Research Institute showed a boost in the expected amount of spending on projects around the home.
The anticipated cost of planned home improvement projects in June increased 5% to an average of $517 per project, according to the latest monthly update from HIRI.
The spending average is the highest recorded in the month of June since tracking began in 2008. It’s also the highest since the January 2011 planned-spending average of $548.
Overall, planned-project incidence increased to 49.1%, compared with 48.1% in June 2010.
The monthly survey relies on input from roughly 13,000 respondents per month and measures planning in 29 different project areas around the home. HIRI is the home improvement industry’s leading source for original research. It is an independent, not-for-profit membership organization comprised of more than 80 forward-thinking companies.