The home remodeling industry is a booming business. With more and more people investing in their homes, the industry has seen a steady growth over the years. But what are the exact statistics behind this industry?
In this article, we will take a look at some of the most interesting home remodeling industry statistics, and what they mean for the industry. We’ll also discuss the trends that are shaping the industry and how they could affect the future of home remodeling.
Home Remodeling Industry: Important Statistics
42% of U.S. homeowners went over-budget on renovations due to buying more expensive products or materials in 2017, down from 45% in 2015.
The worldwide home improvement market was valued at 763 billion U.S. dollars in 2020 and is expected to surpass the trillion dollar mark by 2027 with a CAGR of more than four percent.
Home Remodeling Industry: Statistics Overview
20% of homeowners in the US planned to paint the inside of their home in 2018, while 35% had no plans to improve their homes.
This provides insight into the potential market size for home improvement projects. It also helps to identify areas of opportunity for businesses in the home remodeling industry, as well as potential areas of improvement for existing services.
Millennials were more likely to plan to paint the interior of their home than the Silent Generation in 2017 (31% vs. 18%).
Millennials are more likely to invest in home improvement projects than the Silent Generation, which could indicate that the Home Remodeling Industry should focus more on marketing to millennials in order to increase sales.
42% of U.S. homeowners went over-budget on renovations due to buying more expensive products or materials in 2017, down from 45% in 2015.
Homeowners are becoming more aware of their budget when it comes to renovations, and are making more cost-effective decisions when it comes to selecting products and materials.
This is beneficial for the industry, as it shows that homeowners are more likely to stick to their budget and are more likely to complete their projects on time.
41% of homeowners’ most recent remodeling renovations went over budget.
Homeowners may be underestimating the costs of their renovation projects. This could lead to a decrease in demand for home remodeling services, as homeowners may be hesitant to take on a project if they are unsure of the cost.
Additionally, this statistic could be used to inform the pricing strategies of home remodeling companies, as they may need to account for the potential of going over budget.
The worldwide home improvement market was valued at 763 billion U.S. dollars in 2020 and is expected to surpass the trillion dollar mark by 2027 with a CAGR of more than four percent.
The market is growing rapidly and is expected to continue to do so in the coming years. This indicates that there is a great potential for businesses in the home remodeling industry to increase their profits and expand their operations.
Homeowner improvements are expected to account for the majority of the total home remodeling market spending in the US, estimated at 281 billion US dollars in 2021.
This shows the current state of the home remodeling industry in the US. It highlights the importance of homeowner improvements in the overall market and indicates that rental maintenance is the smallest share of the market.
This information can be used to inform decisions and strategies for businesses in the home remodeling industry.
52% of French people are renovating their homes to improve comfort, and 32% are doing so to prevent their living space from becoming old or obsolete.
There is a high demand for home renovation services in France. This could be an opportunity for businesses in the home remodeling industry to capitalize on this demand and increase their profits.
78% of US respondents completed their last remodeling project to improve the look and feel of the space.
This highlights the importance of aesthetics in the decision-making process of homeowners when it comes to remodeling projects.
The look and feel of the space is a key factor in motivating homeowners to undertake remodeling projects, which can be used by home remodeling companies to inform their marketing and design strategies.
Sekisui House Group was the leading real estate company in Japan in terms of housing renovation sales in 2019, with sales of 152.7 billion yen, while Sumitomo Realty & Development Group ranked second with sales of 124.6 billion yen.
This shows the relative size and success of the two leading real estate companies in Japan in terms of housing renovation sales. It provides insight into the size and scope of the Japanese home remodeling industry and the success of the two leading companies in this sector.
Dreamstyle Remodeling was the top remodeling company in the US in 2017, generating over 91 million US dollars in revenue.
This shows the success of Dreamstyle Remodeling in the home remodeling industry and provides a benchmark for other companies to strive for. It also provides a forecast for 2018, which can be used to help companies plan their strategies and investments.
In 2020, the U.S. home remodeling market was worth approximately $468 billion.
This speaks to the sheer number of people who are investing in their homes and the amount of money that is being spent on remodeling projects. It is a clear indication of the importance of the home remodeling industry and the impact it has on the economy.
Approximately 90% of people prefer to renovate their homes rather than buy a new one.
The majority of people prefer to invest in their existing homes rather than purchase a new one. This speaks to the importance of the home remodeling industry, as it shows that people are willing to invest in their homes and make them their own. This statistic is a valuable insight into the industry, and can be used to inform decisions about the future of the home remodeling industry.
The average kitchen remodel costs $25,100 or $150 per square foot.
This serves as a useful reference point for those looking to budget for their project, as well as a reminder of the potential costs associated with such a renovation.
The average bathroom remodel costs $10,800 or $125 per square foot.
This gives an indication of the cost of materials and labor associated with a typical bathroom remodel, allowing homeowners to budget accordingly and make informed decisions.
Homeowners spend an average of $15,000 on basement remodeling projects.
This speaks to the importance of basements in the home remodeling industry, and the potential for homeowners to make a substantial investment in their homes.
In 2022, the Home Improvement sector’s revenue is expected to amount to $74.85 billion.
The industry is expected to experience significant growth in the coming years, making it an attractive option for those looking to invest in the sector. Furthermore, it highlights the importance of staying up-to-date with the latest trends and developments in the Home Remodeling Industry, as this could be a lucrative opportunity for those who are able to capitalize on it.
The Home Improvement sector’s annual growth rate from 2022-2025 is expected to be 4.68%.
This can help homeowners and contractors alike plan for the future, as they can use this statistic to anticipate the demand for their services and plan accordingly.
The home remodeling companies industry in the U.S. consists of nearly 100,000 establishments.
This speaks to the immense number of businesses that are involved in the industry, and the vast number of people who are employed in it. It is a powerful reminder of the importance of the home remodeling industry in the U.S. economy.
In 2019, the home improvement industry generated about 50 billion US dollars in revenue in the United States.
This highlights the potential for growth in the industry, as more and more people are looking to upgrade their homes. This statistic is an important indicator of the health of the home remodeling industry and provides valuable insight into the current state of the market.
According to a survey, 58% of homeowners planned to spend money on home improvement projects in 2018.
A majority of homeowners are actively investing in their homes, which is a positive sign for the industry. This statistic is a great starting point for a blog post about the home remodeling industry, as it provides a snapshot of the current market and can be used to explore further trends and insights.
Around 75% of homeowners are using money saved up to fund home remodeling projects, while 25% use credit cards and loans.
The majority of homeowners are using their own money to fund their projects, which suggests that they have the financial means to do so. On the other hand, the 25% who are using credit cards and loans to finance their projects may be struggling to afford the costs of remodeling. This statistic provides valuable insight into the financial health of the home remodeling industry.
Conclusion
The home remodeling industry is an ever-evolving and growing industry that is expected to continue to grow in the coming years. With the increasing demand for home remodeling services, it is important to stay up-to-date with the latest industry statistics to ensure that you are making the best decisions for your business.
By understanding the current trends and statistics, you can make informed decisions that will help you stay ahead of the competition and maximize your profits.
References
1 – https://www.statista.com/statistics/812860/homeowners-planned-home-improvement-project-type-us/
2 – https://www.statista.com/statistics/813471/planned-home-improvement-projects-us-by-generation/
3 – https://www.statista.com/statistics/449598/frequency-of-top-renovation-challenges-among-us-homeowners/
4 – https://www.statista.com/statistics/282246/home-renovation-projects-expected-budget-worldwide/
5 – https://www.statista.com/statistics/1237157/home-improvement-market-value-worldwide/
6 – https://www.statista.com/statistics/1284198/united-states-home-remodeling-market-spending-by-type-of-spending/
7 – https://www.statista.com/statistics/1170726/home-remodeling-incentives-in-france/
8 – https://www.statista.com/statistics/282332/factors-for-finishing-remodeling-projects-in-the-us-by-region/
9 – https://www.statista.com/statistics/1263075/japan-major-real-estate-companies-by-housing-renovation-sales/#statisticContainer
10 – https://www.statista.com/statistics/319401/leading-full-service-remodelers-in-the-us/
11 – https://www.homeguide.com
12 – https://www.globenewswire.com
13 – https://www.ibisworld.com
14 – https://www.statista.com
15 – https://www.lightstream.com
16 – https://www.homeadvisor.com
