If you’re looking to invest in the remodeling industry and open a home renovation franchise, there’s never been a time to do so as good as now.
The market is growing, people are spending more money, and they’re seemingly much more open to paying to renovate their homes – with both major and minor changes – than ever before.
That’s a good sign, but will it continue through the end of the calendar year and beyond?
Here’s an outlook at the industry and what to expect throughout 2017:
Growth and Demand
Customers are looking to use their money wisely. They want the best-looking, highest quality, sustainable product – which is exactly what we offer.
With more money being spent and consistent growth over a significant period of time, the remodeling industry is a safe investment that grows stronger every year.
For the 14th consecutive year, the industry experienced positive year-over-year growth, according to the Residential Remodeling Index. That’s a trend that customers and investors alike can’t ignore – and judging by the numbers, they aren’t!
Spending levels are expected to be up 6.7% in 2017 from last year, per Harvard University’s Joint Center for Housing Studies (JCHS), which also notes that the industry has seen a boon of an additional $68 billion and counting spent annually in the industry since 2014 alone. Projected at a more modest rate of 6% growth each year going forward, the home remodeling industry would top $400 billion spent annual by 2020.
And in nearby Canadian markets, Financial Post reports that customers are spending more money fixing homes than buying new ones, and that spending is expected to grow 3% annually, which means the home renovation industry is projected to outperform the general economy.
That’s a good sign for investors in TREND Transformations. We offer a limited lifetime warranty for a reason: our exclusive product line is built for durability with recycled products, so we’re offering a longer-lasting beauty that is great for both the environment and business.
Ready to take the next step on your franchising journey? Contact us today.