The recent surge in interest rates and increased inflationary pressures affected consumer spending in the home improvement sector. While inflation has dampened the demand for new housing, demand for home renovations and remodeling services is expected to remain stable this year.
Given the backdrop, it could be wise for investors to take a bullish stance on fundamentally sound home improvement stocks Snap-on Incorporated (SNA), Acuity Brands, Inc. (AYI), and Haverty Furniture Companies, Inc. (HVT) which seem well-positioned to capitalize on the industry’s tailwinds and could be solid buys for this week.
