Remodeling Expenditures Drop
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"Rising interest rates and a cooling housing market have started to impact spending on home improvements," said Nicolas P. Retsinas, director of the JCHS. "Delays in initiating major improvement projects are likely to moderate spending over the next year."
"Remodeling contractors recently have reported a slight decline in hours worked by their employees, and more modest growth in their payrolls" said Kermit Baker, director of the Remodeling Futures Program of the JCHS. "This points to remodeling following home building into a period of slower growth in the months ahead."
The next RAI release date is July 20.
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