Home remodeling spending is expected to rebound in 2025, reaching $477 billion by the end of the third quarter, a 1.2% increase from 2024, according to the Leading Indicator of Remodeling Activity (LIRA) by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. 

“A continued thaw in new home construction and sales of existing homes bodes well for an uptick in residential improvement and repairs next year,” said Carlos Martin, director of the Remodeling Futures Program at the Center. “Additionally, stronger gains in home values and thus home equity levels should boost both discretionary and ‘need-to-do’ replacement projects for owners staying in place.”

“A quick return to growth after a fairly modest downturn ultimately means that residential remodeling and repair expenditures are expected to approach past peak levels moving forward,” added Abbe Will, associate director of the Remodeling Futures Program. 

This in turn, bodes well for those in the closets and home organization industry, with more than two-thirds of respondents to the Closets State of the Industry 2025 report projecting higher sales next year compared to 2024.  

The 2024 Wood Industry Almanac is sponsored by IMA Schelling Group.

Click on the infographic to enlarge. 

Quick Stats (Includes items not shown in print.)
• Laminate/melamine continues to be the most popular material used in closet projects, according to the Closets State of the Industry 2025 report, named by 64%. Second was solid wood/veneer at 39%, followed by specialty finishes and accents (mirrors, leather, glass, metal, etc.) at 17% and wire at 14%.

• The Freedonia Group forecasts sales of garage organization products to rise 1.9% annually to $3.8 billion in 2028. While shelves, bins, baskets, and totes accounted for the largest share in 2023. Third on the list were modular units, which will see the fastest sales growth, and represent 31% of total garage organization product sales gains through 2028., 

• When it comes to upgrades in the closet, respondents to the Closets State of the Industry 2025 report named the following as the five most requested items: accent lighting, decorative hardware, glass doors, hampers/sliding baskets, and jewelry tray inserts.

• Who renovated in 2023? According to the recent Houzz & Home Study, Baby Boomers accounted for 56% of the renovation projects, followed by Gen Xers (32%), Millennials (9%), and Seniors (3%). Gen Zers had the smallest number, 0.2%.

• The global fitted wardrobe market, valued at $62.97 billion USD in 2023, is projected to reach $97.52 billion by 2031, with a CAGR of 6.29% from 2024-2031, according to Verified Market Reports.

• The global wine cabinets market, estimated at $1.03 billion USD in 2022, is projected to reach $1.76 billion by 2032, with a CAGR of 5.5% during the forecast period 2023-2032, according to Polaris Market Research & Consulting. Wine enthusiasts’ desire to display their collections is helping spur the growth.

• Technavio forecasts the global wall beds market to grow by $1.05 billion USD, at a CAGR of 6.5% during the forecast period 2022-2027.

Market Data Sources: Closets & Organized Storage/Woodworking Network, Harvard Joint Center for Housing Studies/LIRA, Association of Closet and Storage Professionals, Houzz,, The Freedonia Group, Verified Market Reports, Polaris Market Research & Consulting, Technavio. Category: Closets & home organization includes: walk-in and reach-in closets, garages, mudrooms, pantries, laundry rooms and related products.

More data on North American woodworking and the specific wood product market segments can be found in the December 2024 FDMC Wood Industry Almanac digital edition or the online almanac articles. Also, find market data year-round at WoodworkingNetwork.com/news/almanac-market-data.