Q2 Renovation Lull Has Continued into Q3

Charlotte, NC, September 28, 2023-Truist reported that renovation spending weakened in Q2 2023 as expected, and, so far, there has been no sign of a pickup. 

“One clear signal seen through earnings season was that renovation spending unit deceleration got worse in Q2 2023 from Q1 2023, as we expected. The good news is the rates of decline were not dramatically different from expectations and within historical norms.”