Despite the headwinds of inflation, high material costs, labor shortages, and supply challenges, the spending on home improvement remained healthy as Americans spent an average of $8,484 on home improvement projects in 2022, up 2% compared to 2020, according to Angi.
Moreover, despite the rising interest rates, 50% of people expect to spend the same amount in 2023, with 28% planning to spend less and 22% expecting to spend more.
