Block Renovation Appoints Julie Kheyfets As CEO to Scale Its AI-First Renovation Platform As US Homeowners' Equity Surges To $35 Trillion

• Julie Kheyfets named CEO to lead Block's growth in the $470B renovation market.
• Block's AI platform offers personalized guidance to 90M US homeowners on cost, scope, and design, while enabling homeowners to access and hire vetted contractors.
• Rising renovation demand positions Block as the most trusted place for homeowners to plan and hire for major renovations.

NEW YORK, Jan. 16, 2025 /PRNewswire/ -- Today, Block Renovation, the AI-first renovation platform empowering homeowners and contractors to build better together, announced that Julie Kheyfets has been appointed Chief Executive Officer. This announcement comes as the company doubles down on its vision to build the most trusted place to plan and hire for major renovation projects.

Kheyfets succeeds Koda Wang, who has led Block for over 7 years as CEO and Co-founder. Wang will remain on the Board and transition to Executive Chair. Wang's vision laid the foundation for the company, and he will continue to be a steward in its next chapter of growth.

Block brings AI to one of the most complex and opaque industries for 90 million US homeowners: home renovations. By leveraging proprietary data collected from thousands of projects, Block offers a single platform for homeowners to plan their renovations and hire vetted contractors confidently. Using Block's personalized guidance, homeowners can understand the cost and scope details of their projects, visualize the results, and make informed tradeoffs – without having to hire expensive architects. By having access to Block's vetted network of contractors, homeowners can quickly discover the right contractors for their projects, rapidly receive easy-to-compare proposals, and hire with confidence, backed by Block's project protections. Contractors gain access to a reliable stream of high-quality projects to grow their businesses.

Kheyfets previously served as the company's Chief Operating Officer, steering the company's operations as it evolved its offering from a one-stop shop for renovations to an AI-first marketplace platform. Before joining Block, Kheyfets built and led the North America business for Tractable, the AI platform for accident and disaster recovery. During Kheyfets' tenure, Tractable became the world's first computer vision unicorn for financial services. Block's selection of Kheyfets for the CEO role reflects her track record of scaling AI solutions to help consumers in complex industries.

"Our mission is to empower millions of homeowners to create spaces they love and thousands of contractors to build thriving businesses," says Kheyfets. "Trustworthy information about renovating is so hard to find – but it doesn't have to be. The latest advances in AI make it possible to democratize access to professional renovation support – to put an AI architect in every homeowner's pocket, empowering them to make the right choices for their home and to easily hire the right contractors."

Koda Wang says, "I'm proud to back Julie as CEO, and look forward to working closely with her in this next era. Julie is one of the most remarkable leaders I've ever worked with. She is relentlessly determined and has a deeply held growth mindset to be a better leader each day. Julie has played a pivotal role in developing the vision of our AI-powered renovation marketplace – and she is the rare leader who can make it into a reality. I'm thrilled to see her take Block – and the home renovation industry – to new heights. "

The next phase of homeownership is shifting toward renovations, as homeowner equity reaches new highs. According to data from the Federal Reserve, US homeowners now hold a record $35 trillion in home equity, up over 80% since 2019. Homeowners' share of equity stands at 73%, its highest since the 1950s. The increases have been primarily fueled by rapid rises in home values amidst limited housing inventory.

At the same time, home renovation spending has exceeded $470 billion, according to the Joint Center for Housing Studies (JCHS) at Harvard University. Together, these trends underscore the growing demand for home remodeling. As the largest segment of the economy sits on unprecedented wealth, many homeowners are choosing to enhance their existing homes rather than purchase new ones. Block is uniquely positioned to support this need by empowering homeowners to confidently plan their renovations and hire vetted contractors.

To learn more about Block or to get started as a homeowner or contractor, please visit https://www.blockrenovation.com/.

About Block Renovation
Block is an AI-first renovation platform that empowers homeowners and contractors to build better together. Using proprietary data, Block gives every homeowner access to personalized guidance on project scope, cost, and design, enabling them to make the right trade-offs for their home. Homeowners can connect with curated contractors from Block's vetted network, rapidly receive easy-to-compare proposals, access transparent data on contractor performance, and hire confidently with Block's project protections. Trusted from coast to coast, Block has successfully supported thousands of renovation projects.

SOURCE Block Renovation