Pennsylvanians Investing More in Home Improvements

Pennsylvania is the 11th state investing the most in home improvements, with 11.5 home improvement loans per 1,000 owner-occupied households in 2022, according to Construction Coverage.

Home improvement spending hit a high in 2006 and decreased through 2011 following the Great Recession. From 2012 to 2019, Americans increased their spending again as the housing market recovered. COVID-19 saw another sharp increase as home improvement loans went from 550,000 in 2021 to 750,000 in 2022.

To find where home improvement spending was most prevalent in 2022, Construction Coverage analyzed data from various sources, including the Federal Financial Institutions Examination Council and the U.S. Census Bureau. Only conventional, single-family home improvement loans that were originated in 2022 were considered.

The analysis found that last year, home improvement loans were most popular in the Pacific Northwest, Mountain West and New England. The top three states for home improvement loans were Utah (26 loans for every 1,000 homeowners), Idaho (18.9) and Colorado (17). Pennsylvania was No. 11 with 11.5 loans.

Besides making the top 15 states, several of Pennsylvania’s metro areas also topped the charts for home improvement spending.

Of the country’s large metros (those with populations above one million), Pittsburgh was No. 15 with 12.2 home improvement loans for every 1,000 homeowners.

Additionally, several Pennsylvania areas appeared in the top 15 midsize metros (those with populations of 350,000 to 999,999) investing the most in home improvements. The Harrisburg-Carlisle metro ranked No. 9 with 15.8 loans, Lancaster was No. 10 with 15.7 loans and York-Hanover was No. 14 with 14 loans per 1,000 owner-occupied households.