The Number Of Renovation Contractors In The United States?

The U.S. Home Remodeling Market was valued at USD 432 billion in 2023 and is projected to grow at a CAGR of 4.8 from 2024 to 2032. With an estimated 820,147 businesses in the industry, it is expected to grow at a compound annual growth rate (CAGR) of 4.6 from 2024 to 2030. The industry includes general contractors and subcontractors who build new homes and remodel existing ones. Home renovation projects also involve the remodeling of external spaces.

Median spending for interior remodeling areas increased 38 from 2002 to 2021. A home remodeling project’s average cost recovery rate (return on investment) is 56, but some projects generate double returns. In the rising interest rates climate, homeowners are deferring new home purchases to avoid higher mortgages. Residential remodelers are the most common type of RBC establishment, with 102,818 establishments reporting total annual receipts of almost $78 billion.

The U.S. remodeling industry is becoming more concentrated, with larger contractors garnering a larger share of overall market spending. A nationwide study of 85,826 remodeling contractors in the United States revealed that there are still 412,000 open positions in the construction industry. The U.S. residential remodeling market size was estimated at USD 527.36 billion in 2023 and is projected to grow at a CAGR of 4.6 from 2024 to 2030.

In summary, the U.S. Home Remodeling Market is a significant contributor to the U.S. economy, with over 6,200 professionals employed to complete home improvement jobs. The industry is becoming more concentrated, with larger contractors gaining a larger share of overall market spending.

How many home improvement businesses are there in the US?

In the United States, the home improvement stores industry experienced a decline of 0. 5 businesses in 2023, with a total of 3, 625 businesses operating within the country.

How many construction professionals are in the US?

As of 2023, the United States construction industry employed 10, 343, 133 individuals, representing an average annual employment growth of 1. 8% over the five-year period between 2018 and 2023. This signifies a considerable expansion in the sector’s workforce.

How big is the home renovation industry?

The Home Improvement Market was valued at USD 365 Billion in 2023 and is expected to reach USD 797. 8 Billion by the end of 2036, with a growth rate of over 6. 2 CAGR. The market is driven by factors such as rising consumer spending on house upgrades, rapid urbanization, and increased availability of products and services for home renovation. The World Bank reports that approximately 4. 4 billion people, or 56 percent of the world’s population, live in cities, with the urban population predicted to double by 2050. The Home Improvement Market is expected to reach USD 387. 6 Billion in 2024, with the industry size expected to grow at a CAGR of over 6. 2 CAGR between 2024-2036.

How big is the renovation market in the US?

The U. S. Residential Remodeling Market was valued at USD 517. 61 million in 2023 and is expected to grow from USD 538. 10 million in 2024 to USD 754. 75 million by 2032, with a CAGR of 4. 3. The market is driven by growing consumer demand for modern lifestyles and the adoption of advanced technology, such as climate control and smart lighting, in residential spaces. The market share is also driven by the development of devices by major players and increased adoption of secured detection devices by US consumers. For example, Signify introduced a new product line in August 2023, which includes smart cameras, detection devices, and app functions from Philips Hue safeguard to help protect homes.

How many handyman are there in the US?

As of 2023, the United States Handyman Services industry employs 1, 478, 785 individuals. The largest collection of industry research reports enables the filling of knowledge gaps, the analysis of industry trends, and the making of future-proof business decisions. By conducting a comprehensive assessment of the industry from all relevant perspectives, one can avoid potential blind spots and make more informed strategic decisions, thereby ensuring a more nuanced and comprehensive understanding of the economic landscape.

How many handyman companies are there in the US?

As of 2023, the US Handyman Services industry has 522, 837 businesses, a 0. 7 increase from 2022. The largest collection of industry research reports provides valuable information for businesses in every sector. By understanding industry trends and market trends, businesses can future-proof their decisions and mitigate risk. By assessing the industry from all sides, they can avoid blind spots and make smarter strategic decisions.

How large is the home improvement market?

The global home improvement market, valued at USD 340. 81 billion in 2022, is expected to grow to USD 490. 13 billion by 2030, with a compound annual growth rate (CAGR) of around 4. 65 between 2023 and 2030. This segment of the building and construction industry focuses on projects aimed at improving or enhancing the functional features of existing homes, ranging from exterior improvements to plumbing systems and lighting upgrades. Home improvement and interior design are two separate segments of the building industry, but they work together to deliver houses with better appeal and functional attributes.

The main reasons for undertaking a home improvement project may vary, such as aging housing facilities or a desire for more functional spaces, such as stairlifts for elderly citizens. The demand for home improvement projects has gained momentum since COVID-19, as people invest in building houses that accommodate specific working spaces and remote work culture trends. However, changing raw material prices could act as a growth barrier.

How many contractors are there in the USA?

The U. S. construction industry, with over 745, 000 companies and 7. 8 million employees, experienced a 7. 4 increase in total spending in 2023, reaching $1. 98 trillion. Nonresidential construction saw a 17. 6 year-over-year increase, while residential construction spending decreased by 3 due to rising interest rates and inflation. The sector’s market size is approximately $1. 98 trillion, with 745, 000 construction businesses in the U. S. as of 2023.

What is the market size of the Remodeling industry?

The residential remodeling market, with a valuation of USD 2. 70 trillion in 2023, is projected to expand at a compound annual growth rate (CAGR) of 4. 6% from 2024 to 2030. This growth is anticipated to be driven by factors such as an aging housing stock and an increasing trend of homeownership.

How many remodelers are in the US?

As of 2023, the US remodeling industry employed 1, 082, 635 people, representing an average increase of 6. 9 people per year over the five-year period between 2018 and 2023. This signifies a notable expansion in the industry’s workforce.

What is the revenue of the remodel industry?

In the United States, the remodeling industry generated a revenue of $119. 9 billion in 2023.