Home Depot makes multimillion-dollar announcement

Though the early 2020s were a socially, economically and interpersonally fraught period of time in the United States, there were a few silver linings to the period. 

After the worst of COVID-19 passed, many folks found they had far more free time than in previous years. An unprecedented number of people began working from home, and with many social opportunities canceled or scaled back, many of us found open space in our calendars.

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For many people, this meant spending more time around the house. And while some Americans picked up a new show to binge or a new hobby to take up, plenty more looked around the house and realized it needed some work. 

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Whether it was putting a new lick of paint on the downstairs powder room, fixing squeaky hinges around the house, or undertaking far more involved projects, like adding on a new side deck or renovating a kitchen, suddenly, a lot of Americans were bent on home improvement. 

And thanks to a suddenly sharp cut in interest rates, stimulus check payments, and a labor shortage, hiring professional contractors was harder to come by. So many Americans began trying their hands at DIY projects.

Home Depot offers tools and supplies for almost any home improvement project, and now it has pledged to help rebuild after the Los Angeles fires.

Image source: Shutterstock

Home Depot has had a good few years

One of the main beneficiaries to such a renewed vigor for home improvement was America’s largest home improvement store. And with over 2,300 stores in the U.S., Canada and Mexico, Home Depot  (HD)  was right there when we needed it most.

Since most Home Depot locations are in close proximity to suburban areas, Home Depot grew considerably during and following the pandemic. Once more people began going back to work, a red hot housing market and returning professional labor made projects even more popular. 

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Home Depot was perfectly positioned to help both the weekend DIY-ers and the daily contractor work. It began opening new locations to cater specifically to professional contractors while maintaining its reputation as a helpful hardware and home improvement store for the every man (and woman) working on big and small projects.

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In March, for example, Home Depot acquired SRS Distribution for $18.25 billion — its largest ever. SRS Distribution provides goods and materials for home-improvement contractors, like landscaping tools, roofing supplies, lumber, and pool materials. The move was a clever one to help Home Depot extend its reach with professionals.

Home Depot makes a big announcement

But Home Depot isn’t just making large acquisitions. 

In January, the home improvement retailer announced it would increase its commitment to helping the recovery effort for those affected by the Los Angeles wildfires. It pledged to donate $3 million to support both immediate and long-term disaster relief via its charitable foundation. 

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Similarly, home improvement retailer Lowe’s said it also would donate $2 million to the disaster relief cause.

Some of the disaster relief efforts and donations include: 

evacuationsemergency shelters waterN95 masksair purifiersash sifters storage

“Rebuilding will require skilled workers in construction, an industry that is already understaffed,” Erin Izen, executive director of The Home Depot Foundation, said. “With tens of thousands of structures and many of The Home Depot’s associates and customers impacted by the fires, it’s important that we address the immediate needs of communities while also ensuring they are equipped to rebuild.”

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