The $400 Billion Home Remodeling Industry is Thriving
The home improvement industry is booming, with Americans spending more than $400 billion a year on projects. A number of factors have contributed to continued industry growth. The surge in housing prices over the last few years has many people choosing to renovate their current homes rather than buy new ones. And those who are buying existing homes often want to update their new places right away. Because most homes in the U.S. are now between 20 to 31 years old (and some much older than that), homeowners need or want to make improvements to aging and unfashionable structures. Additionally, the increased demand for smart technology in the home often necessitates remodeling.
Kitchen Renovations Top the List of Home Improvements
Kitchens and bathrooms often vie for the top spot on the home improvement list, but since 2020 kitchens have held the title of the most-renovated room in the house. The pandemic brought more awareness to the importance of kitchens as multi-functional spaces. Not only were people preparing more meals at home, but many were also forced to use their kitchens as classrooms and home offices. As a result, internet searches for kitchen remodeling climbed 23% in 2021, according to Google search trends.
The 2022 U.S. Houzz Kitchen Trends Study found that “the national median spending on kitchen remodels continue[d] to climb for both major and minor remodels. ” The study went on to reveal more exciting news for kitchen remodeling companies in the home improvement industry.
- Major remodels of kitchens jumped 14% in 2021
- 65% of homeowners replace all of their kitchen cabinets during a renovation
- 91% replace their kitchen countertops
- 5% of homeowners reported that they decided to “splurge” on their kitchen countertops and spent more than they’d originally planned
In other words, there’s never been a better time to be in the kitchen remodeling industry, especially when your home services business specializes in designing and installing cabinets and countertops.
Bathroom Renovations are a Close Second
Americans spent nearly $104 billion on bathroom remodeling alone in 2022. While some people renovate their bathrooms simply to improve the resale value of their homes, others remodel to assure a better quality of life. Baby boomers who want to age in their homes are renovating for accessibility, adding walk-in showers, raised toilets, and lower vanities. Meanwhile, millennials are remodeling to create a more spa-like environment in their bathrooms, adding standalone tubs, showers with multiple heads, and cabinets and countertops made from low maintenance materials. Homeowners from all demographics are looking to incorporate technology such as dimmable lights, heated floors, and Bluetooth speakers into their bathrooms, and many of these upgrades require cabinet and countertop renovations as well.
Join the Growing Home Improvement Industry with Cabinet IQ
Kitchen and Bath Remodeling Franchise
Join the Growing Home Improvement Industry with Cabinet IQ. The future continues to look bright for kitchen and bath remodeling. A recent study predicts that the U.S. home improvement market will generate $450 billion annually by 2027. If you’re interested in taking advantage of the financial opportunities this growing industry offers, fill out the form on this page. As a Cabinet IQ home services franchisee, you’ll have the freedom of owning your own business while enjoying the support and guidance of our expert franchise support team. Start building your legacy with Cabinet IQ today!
