From the sound of things in some neighborhoods, you might not think the economic downturn has been all that severe in Massachusetts.
Saw blades are buzzing, nail guns are popping, and drills are spinning as contractors descend on home renovation projects in huge numbers. It’s a striking aberration in an economy where many businesses continue to suffer and unemployment remains high.
The activity is also another indication of how unevenly the economic fallout from the COVID-19 pandemic has been distributed. Some homeowners ― often those whose incomes have not taken a hit ― have reduced costs for commuting, travel and other expenses, giving them more discretionary income. At the same time, interest rates for home equity loans and mortgages are historically low, making it cheap to borrow money.