Gitnux/Report 2026

Home Renovation Industry Statistics

In 2023, 54% of U.S. homeowners spent an average of $15,000 on upgrades, but the biggest swing comes next since 68% plan another renovation within two years with budgets that can jump to $10,000 to $50,000. You will also see where costs and capacity collide, including $30,000 average kitchen remodels in 2024, 3.6 million remodeling workers supporting 650,000 firms, and 382,000 residential jobs left unfilled.
142Statistics
5Sections
1Visuals
11mRead
July 5, 2026Updated
Home Renovation Industry Statistics
Aisha OkonkwoWritten by Aisha Okonkwo·Edited by Marcus Engström·Fact-checked by Rajesh Patel
Published ·Updated
How this report is researched
01Editorial Scope

An editor sets the topic, the inclusion criteria, and the evaluation framework before research starts.

02Source Research

AI search agents locate sources and extract each figure together with the document it came from.

Read our full methodology →

Search agents attach provenance to every extracted figure.

Next review: within 30 days
In 2023, U.S. homeowners spent an average of $15,000 on improvements, yet the pressure to remodel looks even stronger now with 68% planning projects within the next two years. Kitchens led the wave with 35% of all renovations in 2023, while a residential remodeling labor shortage left 382,000 jobs unfilled. The mix of rising costs, generational spending swings, and tight capacity helps explain why kitchen and bath timelines can feel so unpredictable.

Key Takeaways

  • 54% of U.S. homeowners undertook home improvement projects in 2023, average spend $15,000.
  • Millennials (ages 28-43) spent average $22,500 on renovations in 2023, highest among generations.
  • 68% of U.S. homeowners plan to renovate within next 2 years, budgeting $10,000-$50,000.
  • U.S. remodeling industry employs 3.6 million workers as of 2023.
  • 650,000 professional remodeling firms operate in U.S., 90% small businesses under 5 employees.
  • Remodeler revenue averaged $1.2 million per firm in 2023.
  • The U.S. home improvement and repairs market reached $474 billion in spending in 2022, marking a 4% increase from 2021.
  • Global home renovation market size was valued at $1.05 trillion in 2023 and is expected to grow at a CAGR of 5.2% from 2024 to 2032.
  • U.S. residential remodeling expenditures totaled $455 billion in 2023, down 2.4% from 2022 peak.
  • U.S. kitchen remodels most popular project, 35% of all renovations in 2023.
  • Bathroom renovations accounted for 28% of projects, average duration 4 weeks.
  • 45% of homeowners added home offices, with built-ins in 60% of cases.
  • 28% of U.S. homeowners in suburbs renovated in 2023 vs. 22% urban.
  • Northeast U.S. avg reno spend $20,500 highest regionally.
  • California home reno market $85B, 18% national share.

With renovations booming, homeowners are spending more, but labor shortages and rising kitchen costs are reshaping projects.

Related reading

02 · Category

Industry Players And Employment29 stats

01
U.S. remodeling industry employs 3.6 million workers as of 2023.
02
650,000 professional remodeling firms operate in U.S., 90% small businesses under 5 employees.
03
Remodeler revenue averaged $1.2 million per firm in 2023.
04
Construction labor shortage: 382,000 unfilled jobs in residential remodeling 2023.
05
Top 200 remodelers generated $15 billion combined revenue 2023.
06
Carpenter wages averaged $28/hour in remodeling sector 2023.
07
78% of remodelers report hiring difficulties for skilled trades.
08
Home Depot and Lowe's capture 25% of $925B retail market.
09
Supplier inventories up 15% to meet remodeling demand 2023.
10
42% of remodelers use software for project management.
11
Insurance costs rose 20% for remodelers in 2023.
12
Franchise remodelers grew 12% to 1,200 locations.
13
Electrician demand up 25% in reno projects.
14
Plumber average hourly rate $45 in remodeling.
15
55% of firms family-owned, multi-generational.
16
Material costs 40% of project budgets for contractors.
17
Marketing spend avg 5% of revenue for remodelers.
18
Women-owned remodeling firms up 18% to 15% market share.
19
Subcontractor usage 85% of projects over $50k.
20
Profit margins averaged 12.5% for remodelers 2023.
21
Painter/Decker wages $22/hour avg.
22
Tech adoption: 60% use CRM for leads.
23
Licensing compliance issues in 22% small firms.
24
Largest remodeler: Case Design/Remodeling $250M revenue.
25
Apprenticeship programs trained 50,000 new workers 2023.
26
Vendor partnerships key for 70% supply chain stability.
27
HVAC contractor firms 120,000 nationwide.
28
Bid win rate avg 35% for competitive projects.
29
Safety incidents down 10% with OSHA training.
Interpretation

Industry Players And Employment Interpretation

As of 2023 the U.S. remodeling industry employs 3.6 million workers across 650,000 firms, yet it still faces a shortage of 382,000 unfilled residential remodeling jobs, highlighting how the industry’s heavily small business workforce is strained despite strong firm revenues.

03 · Category

Market Size And Growth30 stats

01
The U.S. home improvement and repairs market reached $474 billion in spending in 2022, marking a 4% increase from 2021.
02
Global home renovation market size was valued at $1.05 trillion in 2023 and is expected to grow at a CAGR of 5.2% from 2024 to 2032.
03
U.S. residential remodeling expenditures totaled $455 billion in 2023, down 2.4% from 2022 peak.
04
The European home renovation market is projected to reach €1.2 trillion by 2030, driven by energy efficiency mandates.
05
In 2023, the Asia-Pacific home renovation sector grew by 7.1% YoY, reaching $450 billion.
06
U.S. home improvement retail sales hit $925 billion in 2023, up 1.5% from prior year.
07
Canadian home renovation spending was CAD 72.5 billion in 2023, with 6% growth forecast for 2024.
08
UK home improvement market valued at £38 billion in 2023, expected to grow 4.8% annually to 2028.
09
Australian residential renovation market size was AUD 45 billion in FY2023, up 3.2%.
10
In 2024, U.S. remodeling market projected at $480 billion, recovering from 2023 slowdown.
11
Global smart home renovation segment within market expected to grow from $25B in 2023 to $85B by 2030 at 19% CAGR.
12
Brazil home renovation market expanded 8.5% in 2023 to BRL 120 billion.
13
Indian home renovation industry valued at INR 2.5 lakh crore in FY2023, CAGR 12% projected to 2028.
14
French home renovation turnover reached €45 billion in 2023, boosted by green incentives.
15
U.S. DIY home improvement market segment was $109 billion in 2023.
16
Mexico's home remodeling market grew 5.3% YoY to $35 billion USD equivalent in 2023.
17
South Korea home renovation spending hit KRW 50 trillion in 2023, up 4.7%.
18
Germany's renovation market at €92 billion in 2023, with 3% growth expected in 2024.
19
U.S. professional remodeling services accounted for 78% of $474B market in 2022.
20
China home decoration and renovation market size $650 billion in 2023, CAGR 6.5% to 2028.
21
Italy's home renovation sector generated €40 billion in 2023, driven by superbonus incentives.
22
U.S. market forecast: remodeling spending to hit $524 billion by 2026.
23
Spain home improvement market €25 billion in 2023, growth 4.1%.
24
Turkey renovation market reached TRY 300 billion in 2023, up 15% due to inflation.
25
Netherlands home renovation spending €18 billion in 2023, projected 5% CAGR to 2030.
26
U.S. home improvement e-commerce sales $120 billion in 2023, 13% of total.
27
Sweden renovation market SEK 150 billion in 2023, green renovations 40% share.
28
U.S. aging-in-place renovations segment $40 billion in 2023.
29
Poland home renovation industry PLN 100 billion in 2023, 7% growth.
30
U.S. 2024 remodeling market outlook: $485 billion with 1.1% growth.
Interpretation

Market Size And Growth Interpretation

The market is clearly expanding, with the global home renovation sector reaching $1.05 trillion in 2023 and projected to grow at a 5.2% CAGR through 2032, while the U.S. home improvement and repairs market climbed to $474 billion in 2022 despite uneven remodeling spending.

More related reading

05 · Category

Regional And Demographic Insights28 stats

01
28% of U.S. homeowners in suburbs renovated in 2023 vs. 22% urban.
02
Northeast U.S. avg reno spend $20,500 highest regionally.
03
California home reno market $85B, 18% national share.
04
Florida leads in pool/ outdoor renos 35% of projects.
05
Rural areas saw 15% reno growth vs. 8% urban 2023.
06
Texas avg kitchen reno $35k due to larger homes.
07
Midwest 40% focus on energy efficiency upgrades.
08
New York City reno permits up 12%, avg cost $50k.
09
Sunbelt states 55% of national ADU additions.
10
Households with children under 18 renovate 2x more often.
11
Hispanic homeowners reno spend up 28% YoY.
12
Age 35-54 demo highest reno activity 62% participation.
13
Pacific Northwest leads green renos 45% adoption.
14
Low-income households (<$50k) 25% maintenance-only renos.
15
Mountain West avg deck additions 40% higher.
16
Asian American homeowners invest 30% more in kitchens.
17
Southeast U.S. hurricane-proofing renos up 50%.
18
Empty nesters (65+) 35% basement conversions.
19
Chicago metro reno spend $12B annually.
20
Single women homeowners reno 18% more than men.
21
Plains states farmhome renos focus barns 22%.
22
High-density urban (e.g. Boston) 60% small-space hacks.
23
Black homeowners prioritize equity-building renos 48%.
24
Alaska/Hawaii high material costs 40% above avg.
25
College-educated households reno 1.5x frequency.
26
Gulf Coast flood-resistant flooring 65% renos.
27
LGBTQ+ homeowners customize 25% more boldly.
28
Northeast winters drive 50% insulation upgrades.
Interpretation

Regional And Demographic Insights Interpretation

Regional differences are shaping renovation demand in 2023, with suburbs leading at 28% renovated compared to 22% urban and rural areas growing faster at 15% versus 8% urban, while spend and style preferences also diverge across states like California’s $85B market and Florida’s 35% of pool and outdoor renos.
report visual · Breakdown

Renovation Intent & Financing (U.S.)

Most homeowners are planning or financing renovations—suggesting strong near-term demand and cash-driven project behavior.

68%
68% of U.S. homeowners plan to renovate within next 2 years, budgeting $10,000-$50,000.
32%
Curb appeal projects like siding/landscaping in 32% of 2023 renovations.
Reference

Cite This Report

This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.

APA
Aisha Okonkwo. (2026, February 13). Home Renovation Industry Statistics. Gitnux. https://gitnux.org/home-renovation-industry-statistics
MLA
Aisha Okonkwo. "Home Renovation Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/home-renovation-industry-statistics.
Chicago
Aisha Okonkwo. 2026. "Home Renovation Industry Statistics." Gitnux. https://gitnux.org/home-renovation-industry-statistics.

Sources & references

85 sources cited across this report

  1. jchs.harvard.edu
  2. fortunebusinessinsights.com
  3. euroconstruct.org
  4. statista.com
  5. nrf.com
  6. bdc.ca
  7. abs.gov.au
  8. remodeling.hw.net
  9. marketsandmarkets.com
  10. ibge.gov.br
  11. ibef.org
  12. kostat.go.kr
  13. bauindustrie.de
  14. istat.it
  15. tuik.gov.tr
  16. cbs.nl
  17. digitalcommerce360.com
  18. scb.se
  19. stat.gov.pl
  20. leadingindicators.remodeling.hw.net
  21. houzz.com
  22. bankrate.com
  23. homeadvisor.com
  24. lendingtree.com
  25. nerdwallet.com
  26. aarp.org
  27. apartmentlist.com
  28. eia.gov
  29. zillow.com
  30. parksassociates.com
  31. redfin.com
  32. rocketmortgage.com
  33. consumerreports.org
  34. coldwellbanker.com
  35. greenbuildingadvisor.com
  36. freddiemac.com
  37. nar.realtor
  38. lawnstarter.com
  39. roofingcontractor.com
  40. deckmagazine.com
  41. ashrae.org
  42. energy.gov
  43. closetfactory.com
  44. nahb.org
  45. fcnews.net
  46. sherwin-williams.com
  47. seia.org
  48. hearthnhome.com
  49. millworkassociation.org
  50. poolmagazine.com
  51. landscapemanagement.net
  52. nkba.org
  53. avsforum.com
  54. wallpaperdesignawards.com
  55. abc.org
  56. bls.gov
  57. buildertrend.com
  58. insureon.com
  59. franchisetimes
  60. necanet.org
  61. familybusinessmagazine.com
  62. rsmeans.com
  63. wbenc.org
  64. nari.org
  65. constructionbusinessowner.com
  66. housecallpro.com
  67. cslb.ca.gov
  68. dol.gov
  69. accainc.org
  70. constructionexec.com
  71. osha.gov
  72. census.gov
  73. farmbureau.org
  74. midwestenergy.org
  75. nyc.gov
  76. energytrust.org
  77. aianalytics.org
  78. fema.gov
  79. cmap.illinois.gov
  80. nppc.org
  81. boston.gov
  82. urbaninstitute.org
  83. pewresearch.org
  84. noahazark.org
  85. hrc.org