Home improvement spending has increased significantly since 1996. Home improvement costs can quickly add up, whether they are cosmetic changes like repainting specific rooms to match your style or larger-scale projects like remodeling the cabinets in your kitchen.
According to the U.S. Census Bureau American Community Survey and Buildfax, metro areas with higher numbers of people under 35 filed more remodeling permits. Recent events also affect the number of homeowners remodeling their spaces. Research from the U.S. Bureau of Labor Statistics and the U.S. Census Bureau shows that sales at home improvement stores quickly bounced back after the COVID-19 pandemic. Although these businesses took a brief dip at the start of the pandemic, the resurgence in popularity reflects homeowners looking for projects to take on around the house while being cooped up in place.
Americans have spent more than $7 trillion on home improvements since 1996. Homeowners face the costs of rising inflation, inventory shortage, and supply chain delays. Angi compiled data from the Census Bureau’s American Retail Trade Survey in 2020 looking closely at the sales data from retailers in the “building materials and garden equipment and supplies dealers” segment.
According to Angi, home improvement sales have increased by around 45% in the last 25 years, which bodes well for professional remodeling companies and home improvement stores. Following a dip during the Great Recession and Housing Crash, the Home Improvement industry is poised to have some of its most prosperous years ever.
Are you looking to market your remodeling business on Angi or other large avenues of advertising like NextDoor or Yelp? Speak to an expert at VIIRL today.