The $500 Billion Home Improvement Renovation Industry
The Home Renovation Industry is Growing
Residential and commercial buildings are experiencing more renovation and remodeling activities than ever before. More than 100 million projects were completed by homeowners between 2017 and 2019 and the U.S., Canada, and Mexico residential market revenue is expected to grow more than 4% through 2026. 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.
As homes continue to age, and more millennials buy affordable homes that need renovation, experts agree that the home services market will continue its increase into 2022. The remodeling market alone is expected to grow 5% in 2021, driven by an increased interest in repair-and-replace renovation projects.
More Focus on Outdoor Living Spaces
Homeowners were projected to spend more than $326 billion in outdoor living spaces in 2021. Demand for concrete alone as a hardscaping application is forecasted to be a $2 Billion business by 2023, accounting for 67% of market gains.
Just like with their indoor spaces, homeowners and commercial businesses want to add style and beauty to outdoor areas. They are looking to cover more outdoor space, creating decks, patios, and fire pit areas. As home sales start to increase, residential customers are also investing in curb appeal of their driveways and walkways. Concrete Craft is an ideal franchise choice to take advantage of the increasing popularity of hardscapes in outdoor renovations. In fact, the use of hardscapes such as decorative concrete are expected to rise 5.4% each year through 2023.
Profit from the Decorative Concrete Market
As the trend for enhancing floors, fireplaces, driveways, patios, walkways, and more increases, the $15.40 Billion Decorative Concrete Market is projected to hit $24.18 Billion by 2028. Home improvement services like Concrete Craft are first in line to take full advantage of this lucrative segment of the market. Unlike our competition, we can offer all the decorative concrete process and product options that homeowners and businesses are looking for.
Our hand-crafted concrete resurfacing, including stamping and staining, and concrete repair, come in at about half the cost of other materials that are often used to upgrade these spaces. And because our projects are concrete overlays that go over existing concrete, our jobs go quicker, with a lot less upheaval, which our customers appreciate.
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