Brace for a home improvement slump as consumers battle inflation, debt, and pressure on house prices, Home Depot warns
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Brace for a home improvement slump as consumers battle inflation, debt, and pressure on house prices, Home Depot warns

Brace for a home improvement slump as consumers battle inflation, debt, and pressure on house prices, Home Depot warns

Shoppers at The Home Depot.Steve Helber/AP Images

  • US home improvement surged during the pandemic as many people had spare cash and little to buy.

  • Home Depot warned the boom may be over as higher prices and borrowing costs squeeze consumers.

  • The retailer’s bosses expect lower demand to mean flat sales and an earnings decline this year.

American homeowners invested heavily in renovating and expanding their dwellings over the past three years. Here’s a closer look at the US home improvement boom, and why Home Depot warned this week it might be over.

Why did people splurge on their homes?

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Home Depot says it will raise pay for US, Canadian workers

Home Depot said Tuesday it’s investing $1 billion in wage increases for its US and Canadian hourly workers.

The Atlanta-based home improvement chain said every hourly employee will get a raise starting this month. Starting pay will be at least $15 per hour in all markets.

Home Depot is one of many big retailers who have raised pay to attract workers in a strong US job market, where unemployment is at its lowest level since 1969. Walmart announced in January that it would be raising its hourly wage to an average of $17.50, while Target invested $300 million in hourly

Spring Table Centerpiece Idea – French Country Cottage
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Spring Table Centerpiece Idea – French Country Cottage

Layers of lovely on the table is my favorite thing. Pretty place settings & linens and a beautiful spring centerpiece are perfect for a simple and sweet table by the barn. This centerpiece has a little secret to creating it – sharing more about this idea today.

Spring Table Centerpiece Idea – French Country Cottage

Spring Table Centerpiece

I think of decorating as layers. Whether that is in a room design, a Christmas Tree design or a table setting. It is the layers that make something come together and create a moment.
For this table- I decided to use a couple of different pieces of this beautiful French

Tim Allen flashes ‘Home Improvement’ co-star in resurfaced clip
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Tim Allen flashes ‘Home Improvement’ co-star in resurfaced clip

Maybe it was “Tool Time” after all.

Tim Allen was filmed playfully flashing his “Home Improvement” co-star Patricia Richardson in a newly resurfaced clip.

In the blooper scene, Allen, who played Richardson’s husband on the ABC sitcom, is dressed in a kilt as the actress says, “Hangs long. I just wish it was shorter.”

Allen then lifts his kilt, and while the camera does not show what was underneath it, Richardson, 71, clarified to TMZ Tuesday, “He was well-dressed under there. I was just shocked that he lifted the kilt, not by a man in boxer shorts.”

Patricia Richardson looking shocked as Tim Allen flashes her in a "Home Improvements" bloopers.
Tim Allen flashed
Arlington police arrest 3 men for alleged home improvement scam
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Arlington police arrest 3 men for alleged home improvement scam

Crime

Police said the scam is commonly used to target elderly people.

Arlington police arrest 3 men for alleged home improvement scam

Peter Gilheney (left), Richard Gilheney (center), and Patrick Gilheney were arrested and charged on Friday, Jan. 13 in connection to an alleged home improvement scam. Arlington Police Department

Arlington police arrested three men Friday for allegedly scamming an elderly resident using a common home improvement scheme.

Peter Gilheny, 21, of Quincy, was charged with malicious destruction of property over $1,200, larceny by false pretenses over $250, unlicensed operation of a motor vehicle, and number plate violation to conceal identification.

Richard Gilheny, 18, of Randolph, and Patrick Gilheny, 18,

Lowe’s Home Improvement is looking at this spot in far north Fort Worth for a new store
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Lowe’s Home Improvement is looking at this spot in far north Fort Worth for a new store

Lowe’s Home Improvement appears to be eyeballing a site for a 12th retail store in Tarrant County.

The North Carolina-based company with nearly 2,200 stores in the US and Canada is seeking a permit for a drainage study of about 14 acres along Avondale Haslet Road near US 81 in far north Fort Worth.

The site appears to be adjacent to the Walmart Supercenter that anchors this fast-growing corridor that’s already home to numerous fast-food restaurants and apartments.

Lowe’s already has a store in Keller on North Tarrant Parkway, about 15 miles away from the site, plus other stores in

Lowe’s Home Improvement Outlet planned for shopping center in Greensboro
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Lowe’s Home Improvement Outlet planned for shopping center in Greensboro

The makeover of the Brassfield Shopping Center — more than three years in — will soon feature the reopening of the campus’ 10-screen theater and a new-to-North Carolina outlet concept from Lowe’s Home Improvement.

Also on their way is the third Triad location of The Habit Burger chain out of California, along with a Trek cycling store and an Indigo Art Studio.

Golden Ticket Cinemas Inc., founded in 2016 and based in Durham, plans to reopen the center’s 27,000-square-foot theater by early summer.

Meanwhile, Lowe’s is occupying the former 36,000-square-foot SteinMart retail space at the shopping center on Battleground Avenue.

All the Home Improvement Tax Credits You Can Take Advantage of This Year
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All the Home Improvement Tax Credits You Can Take Advantage of This Year

All the Home Improvement Tax Credits You Can Take Advantage of This Year

Photo: Stokkete (Shutterstock)

President Biden signed the Inflation Reduction Act (IRA) into law last August, but it wasn’t until Jan. 1 that Americans became eligible for its money-saving tax credits on environmentally-friendly home improvements, appliances, and electric vehicles.

Now that the new year is upon us, let’s look at what the IRA could mean for your next home renovation.

What does the Inflation Reduction Act have to do with home renovation?

Figuring out what actually made it into the final version of the Inflation Reduction Act is a little confusing, because there were some big last-minute changes. What you really