The $500 Billion Home Renovation Industry
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The Home Renovation Industry Remains Strong
In the U.S. alone, the residential remodeling market size was estimated at $527 billion in 2023 and is expected to reach $545.6 billion in 2024, more than double what it was worth in 2008. Residential and commercial buildings are experiencing more renovation and remodeling activities than ever before.
Top motivating factors for homeowner renovations has remained consistent over recent years, with the majority reporting that they finally have the time or the means to take on remodeling projects. The average age of American homes is a key factor as over 50% of them are over two decades old, and 61% of homeowners will choose to update rather than move. This makes the home improvement industry a very attractive option to new entrepreneurs looking to start a business.
More Focus on Outdoor Living Spaces
The outdoor living structure market size in the U.S. is expected to reach $1,998.9 million by 2030, at a CAGR of 5.9%. The growth can be attributed to the increased desire of outdoor dining, entertainment, and leisure areas. During the pandemic, growing investments by homeowners for the extension of outdoor living increased the demand for pergolas, patios, and pavilions, fueling the marketplace and inspiring new trends that are here to stay.
As home values have increased, homeowners continue to invest in the curb appeal of their driveways and walkways. Concrete Craft is an ideal franchise opportunity to take advantage of the increasing popularity of hardscapes in outdoor renovations.
The Growing Demand for Decorative Concrete
The Global Decorative Concrete Market size reached $18.3 billion in 2023, with the North America Market valued at $4.57 billion and projected to reach $6.83 Billion by the end of 2030, projected to grow at a CAGR of 5.9%. The surging demand for stamped concrete flooring is fueling this growth, while the utilization of polished concrete is another contributing factor. The demand for decorative concrete is not only popular in the home renovation industry, but in remodeling and renovating non-residential spaces as well. Aside from its pleasing aesthetic appeal, concrete floors offer the ability to resist slipping and can withstand the wear and tear caused by heavy foot traffic, making decorative concrete flooring a valuable option for commercial businesses.
Home improvement services like Concrete Craft are first in line to take full advantage of this lucrative segment of the home renovation market. Unlike our competition, we offer all of the decorative concrete overlays and processes homeowners and businesses are looking for.
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