Home Improvement …
The surge in interest rates and heightened inflationary pressures dampened consumer spending in the home improvement sector. However, with the easing of inflation and indications of a potential pause in rate hikes, there is optimism for a resurgence in home improvement demand.
Given this backdrop, it might be wise to add fundamentally sound stocks Frontdoor, Inc. (FTDR), Steelcase Inc. (SCS), and Haverty Furniture Companies, Inc. (HVT) to your watchlist.
Although inflation remains at stubbornly high levels despite easing, consumer spending surged 0.8% in April, as reported by the Commerce Department. While stronger than expected economic data reinforces the need for further rate hikes, the uncertainty in the regional banking sector kept investors hopeful of a pause instead.
Ben Johnston, chief operating officer at Kapitus, expects continued demand for home renovations as housing purchases decline. He foresees the overall cost of home renovations to
