The remodeling industry sees massive industry growth
The remodeling industry is full of amazing franchise opportunities for business owners who are interested. It’s a huge industry that has seen massive growth over the last decade, and you can make a real difference in your clients’ lives by helping them get more enjoyment out of their homes.
Harvard University’s Joint Center for Housing Studies (JCHS) lists the size of the remodeling market at $481 Billion in 2023, with discretionary projects (such as kitchen and bath remodels and room additions) making up over 30% of this massive market.
Despite YoY changes in market size, the remodeling market remains much higher than pre-pandemic levels - in 2019, the remodeling market was just $316 Billion, and has grown over 50% since then.
Demographics, economic changes favor remodelers
The JCHS report also points out that the COVID-19 pandemic focused households’ attention on their living environments as never before and sparked enormous investment in home improvements. The US housing stock is older than at any time ever recorded, and high interest rates combined with older homes incentivize homeowners to remodel their homes rather than move, increasing home improvement spending.
Other factors contributing to the remodeling market are the rising numbers of older homeowners who will need to modify homes for improved accessibility and safety, and members of the huge millennial generation who will move through prime ages for first-time homebuying and consequent remodeling.
As the homeownership rate rises for Millennials, so will their demand for remodeling. Whether it’s home remodeling and renovation, home building, or home construction, our franchise opportunities will continue to expand, especially as an unprecedented number of American homes are either in, or entering their peak remodeling years of 25-35 years old. The total number of households in the US has more than doubled since 1970, and with the bulk of those homes having been built in the 1970s, ’80s, and ’90s, there are tens of millions of homes that have remodeling needs.
On the other end of the spectrum, Baby Boomers are expected to drive the industry by preparing their homes for a comfortable retirement. According to JCHS, between 2011 and 2021, home improvement spending by homeowners age 65 and over increased by 86 percent. Over the next decade as the number and share of older homeowners continue to grow, more homeowners will also need to modify their homes for accessibility and aging-in-place projects.
If you are ready to take advantage of our home remodeling and renovation franchise business opportunities, please fill out the form below so our franchise development team can connect with you!