New survey data show that about 85 percent of remodelers reported a dearth of available carpentry workers in Q3 2018, and roughly 48 percent of respondents said the shortage was "serious."

Experts say that remodeling spending is set to slow down in the U.S. through the first quarter of 2020, projecting annual growth will decelerate from seven percent this quarter to 2.6 percent in Q1 2020. 

The latest survey data finds that 90 percent of homeowners expect to renovate their home in the future, six percent more than in 2018's survey.

The latest annual report by the Joint Center for Housing Studies of Harvard University covers the state of the U.S. home remodeling market, following lags in the building sector.

In December 2018, total residential construction spending posted the first annual loss, 1.3 percent, since 2011. But, multifamily construction spending had a record high, 3.1 percent, to a $65.2 billion annual pace.