Home Remodeling Industry
The $405 Billion Home Remodeling Industry
In 2020-21, online searches for kitchen remodeling alone increased by over 20%. Another trend that is driving a surge in remodeling is the incorporation of smart technology in homes. Experts agree that the home improvement market will continue to grow well into 2022, especially as more millennials purchase the affordable fixer-upper homes.
Another gauge of the vitality of the home remodeling industry is the home décor market. Expected to reach global sales of $792.6 billion by 2025, the booming home décor market provides a good indication that the homeowner’s desire to revitalize their living spaces is not stopping any time soon.
Other factors that have spurred recent growth include accelerated prices for new homes; low inventory of homes for-sale; people’s desire to move out of more urban areas; low interest rates.
The $25 Billion Kitchen Remodeling Business
Kitchen updates are extremely popular with homeowners. Sometimes the reason for a remodel is to improve functionality, as oftentimes homeowners find that they don't have all the amenities they need, including enough cabinet space. Others may remodel as an investment, as a kitchen can make or break a resale. And some may just want their kitchens to be more enjoyable and pleasant looking for themselves.
Either way, homeowners continue to spend more and more every year. The average cost of kitchen remodeling for American households is currently at $22,134 and in 2019, $25 billion was spent on kitchen remodeling or renovation projects in the U.S. alone. This is a tremendous increase from the $11 billion that was spent in 1995 with the percentage change in expenditures reaching 125%.
The Future of the Home Remodeling Industry
More than half of American homes are 20 years old, and 61% of American homeowners would rather renovate, remodel, or redecorate than move.
Major changes such as kitchen and bath renovations and repairs drive the bulk of home improvement projects. Although some popular home improvements are DIY projects, even more require professional installation services or help. Home improvement services like Kitchen Tune-Up are well positioned to capitalize on the quicker, more convenient home remodeling services homeowners are looking for.
The home improvement industry shows no signs of slowing down. Owning a home will always mean maintenance will be needed, and in future years, renovating and upgrading will need to be done.
Take Advantage of the Growing Home Remodeling Industry
As home prices continue to climb, and new construction struggles to keep up with demand, many homeowners are choosing to invest in remodeling their homes and the home improvement industry is flourishing.
Get the freedom of owning your own business, plus the backing and support of one of the most well-known brands in the profitable home improvement industry. Kitchen Tune-Up continuously ranks on Entrepreneur's Franchise 500® list for its outstanding performance. We’re recognized franchise leaders in unit growth, financial strength and stability, and brand power. Learn more about being a Kitchen Tune-Up franchisee by speaking with one of our Franchise Consultants today by clicking on the Inquire Now link at the top left hand corner of this page.
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