Today, the home improvement industry is HUGE — and it’s only getting bigger. In fact, according to a study from Harvard University, American homeowners are expected to spend more than $340 billion on repairs in 2018. The home improvement industry is quickly growing at an average rate of 7 percent annually. Over the past couple of years, homeowner equity has increased significantly, giving homeowners the means to tackle the home repairs and upgrades that they may have been putting off during less financially-stable times. As a result of the dramatic increase in this industry’s growth, Closets by Design franchise owners nationwide are reaping the benefits.
So, what can we expect from the home improvement industry in the near future? Well, considering the current state of the industry, home improvement spending will likely continue to increase significantly. Strengthening employment conditions and rising home values are encouraging homeowners to make greater investments in their homes. So much so that over the next few years, the growth rate of the home improvement industry could surpass that of new home construction! DIY and fixer-upper projects are so popular today that everyone wants to follow suit and improve their homes. Discretionary home improvements — those other than necessary maintenance — are becoming more and more popular with this trend as well.
According to Inman, Baby boomers also have a significant impact on the thriving home improvement industry. As they age, they seek to make their homes more suitable for the accessibility challenges that they will face in the near future. Millennials also have a considerable impact on this industry, and it is not going anyway anytime soon. Millennials have such a big impact on the home improvement industry because, as they start moving into homeownership for the first time, they are buying older, more affordable, homes that are in need of renovation. Fortunately, for Closets by Design franchise owners, accessibility and organization go hand-in-hand.
The home improvement industry has seen substantial growth in the last few years, allowing large opportunity for profit. Homeowners across the country are focused on adding comfort, style and value to their homes — and you can fulfill this demand!
