GITNUX MARKETDATA REPORT 2024

Remodeling Industry Statistics: Market Report & Data

In this post, we explore an array of insightful statistics that shed light on the current landscape of the remodeling industry. From the impact of COVID-19 on homeowners’ decisions to remodel, to the expected revenue growth for remodeling companies in 2021, these data points offer valuable insights into the trends and dynamics shaping the industry.

Statistic 1

"The home improvement market grew by 5.9% in 2020."

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Statistic 2

"73% of homeowners say COVID-19 influenced their decision to remodel."

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Statistic 3

"In 2021, remodeling companies expect revenue to grow 10.3%."

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Statistic 4

"As of 2021, the average time frame for complete home renovation is between 4 to 8 months."

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Statistic 5

"90% of remodeling businesses are satisfied with the industry's current state of health."

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Statistic 6

"About 60% of homeowners launched a remodeling project within six months of moving in."

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Statistic 7

"The employment in the residential remodeling industry stands at over two million individuals."

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Statistic 8

"On average, homeowners expect to spend $10,000 on home upgrades and renovations."

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Statistic 9

"Energy efficiency and health concerns sparked 40% of renovations in 2020."

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Statistic 10

"In 2020, 79% homeowners who remodeled their kitchen reported a greater desire to be at home."

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Overall, the remodeling industry has seen significant growth and changes in response to the COVID-19 pandemic. Homeowners are increasingly investing in renovations, with a majority citing the pandemic as a driving factor in their decision-making process. Remodeling companies are optimistic about future revenue growth, and satisfaction levels within the industry are high. Trends such as energy efficiency and health concerns are shaping renovation projects, while kitchen upgrades are proving to enhance the desire to spend time at home. Employment in the residential remodeling sector remains robust, indicating a steady demand for services. This data suggests a positive outlook for the industry and continued opportunities for growth in the coming years.

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