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Outlook bright for home improvement spending

Booming home sales, record low inventory, the shift to working from home and a surge in savings have all helped boost home improvement spending over the past three quarters. While home sales are set to ease, tight inventory and accumulated savings will continue to provide support for at least the next year. That will bolster residential investment, and that demand will keep the price of lumber and other materials elevated in comparison to their pre-COVID level.

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