Harvard study: Home improvements slow

A weakening economy and falling consumer confidence is slowing spending on home remodeling projects, Harvard University's Joint Center for Housing Studies said in a report today.

(Photo at right: You could see less of this in coming months.)

Home owner spending on home improvements is projected to fall by an annual rate of 4.8 percent through the end of 2008, the center said in its Leading Indicator for Remodeling Activity report.

Spending on home owner improvements is projected at $166.3 billion in 2008, down from $174.7 billion last year, the center said.

"Spending on home improvements continues to be sluggish as home owners respond to falling home prices," center director Nicolas P. Retsinas said in a statement.

In his own statement, Kermit Baker, director of the center's Remodeling Futures Program, added, "It looks unlikely that we will see any improvement in the remodeling market until 2009."
(By Chris Reidy, Globe staff)