Homeowners Hold Off on Big Projects as Money Worries Rise

A recent report from a major hardware store shows sales barely grew this year.
The company’s boss said people are scared to spend on big projects when they’re not sure about jobs or prices.
He linked the hesitation to low confidence, job cuts, and high costs in the economy.

Renovations usually rise when houses sell, but today’s pricey homes and cheap mortgage rates keep people in their current homes.
New loan costs are high, and many workers have lost jobs, so families hesitate to buy new kitchen or bathroom parts.
Even the best‑off households are feeling the strain, according to a company finance leader.

He noted that worries about home costs and job security are growing among customers.
Looking ahead, the company expects a slower start in spring, despite usual sales bumps from warmer weather and tax refunds.
They are not counting on big government help, saying that people might use extra money to pay debts or save it instead of spending on projects.

Both this store and a rival have stayed careful during these uncertain times, and their stocks rose after the earnings report.
The boss hopes that as the housing market stabilizes, sales will slowly recover.