Blake said that while housing will be an "assist," sales are still more tied to economic growth. The Home Depot executive also said consumers haven't pulled back following the payroll tax increase.
"We certainly haven't seen it so far," he said. "Partly our customer base is a homeowner so maybe a little less affected by payroll tax change."
Wadhams also said that higher payroll taxes and spiking gasoline have yet to "play out, but certainly could." He said a shock from Europe is one worry for the U.S. economy.
James Stephen, CEO of Weber Grills & Accessories also told CNBC that uncertainty surrounding the consumer is starting to improves. "The picture isn't perfect, but it's clearer," he said, and that will allow consumers to move forward.
Despite the recovering housing market, Home Depot doesn't plan to aggressively add new stores. "It's less about adding stores and getting more sales in the stores we have," Blake said. "As we have more sales in the store, we hire more people."