LUCRATIVE HOME IMPROVEMENT INDUSTRY
The home improvement industry is a multi-billion dollar economic powerhouse.
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HISTORICALLY STABLE, NOW SURGING
The home improvement industry is a multi-billion dollar per year economic powerhouse, with painting, carpentry, gutters and washing making up a significant portion of this.
As many business experts have suggested over the years, the home improvement industry have been one of the most historically stable and consistent with basically unlimited potential, and most importantly has not been largely influenced by economic trends. Spending by owners on improvements will rise 2 percentage points on average through 2025, keeping pace with expected economic growth.
In the past year alone, this industry has been projected to surpass prior consumer spending records. Due to the home improvement industry’s success, home improvement franchises have been on the rise. Businesses in maintenance industries that service residences and commercial buildings saw a 13% increase in sales in 2016, according to Sageworks.
THE INDUSTRY NUMBERS
COMMERCIAL & RESIDENTIAL PAINTING INDUSTRY
In the painting segment alone, we are spending over 40 billion each year on both the commercial and residential spaces. There has been a steady and reliable increase in year-over-year growth in this segment, most notably even through the economic downtown. (1)
NUMBER OF U.S. HOUSES
This means there are just over 241 million potential customers that will need painting, carpentry, power washing, gutter repairs, and holiday lights. (2)
AMOUNT SPENT ON HOME IMPROVEMENT
According to IBIS World reports, the United States spend nearly $227 BN every year on home maintenance and repairs. Homeowner spending is projected to increase year over year.