U.S. Home Improvement Industry Revenue Projected to Reach $400 Billion Annually
The U.S. do-it-yourself (DIY) home improvement industry is projected to continue to show continued growth in the market over the next several years. Several studies, including HomeAdvisor have reported that it’s safe to say that the home improvement industry is in excess of $400 billion per year. A report from Statisa estimated that total U.S. home improvement expenditure amounted to about 394 billion U.S. dollars in 2018 and projected total home improvement sales in U.S. will reach $454.6 Billion in 2023.
The report from HomeAdvisor said that: “Taking into consideration the current state of the industry, home improvement spending will likely continue to increase. Over the next three years, its growth rate could even start to exceed that of new home construction. The industry can expect to see more discretionary home improvement projects as well, along with more whole-room renovations – and that growth will be supported by a twin-engine-boost from the two largest generational groups: Millennials, as they enter into ownership, and Boomers, as they begin to need to make aging-in-place of modifications within their homes.”
Active companies in the markets this week include ToughBuilt Industries, Inc. (NASDAQ: TBLT), The Home Depot, Inc. (NYSE: HD), Lowe’s Companies, Inc. (NYSE: LOW), Floor & Decor Holdings, Inc. (NYSE: FND),Builders FirstSource, Inc. (NASDAQ: BLDR).