Over the five years to 2018, the Remodeling industry has expanded as a result of several economic factors that have encouraged an increase in consumer spending on home improvements. A steep decline in unemployment has led to improvements in consumers' disposable income levels, causing homeowners to undertake more professional remodeling projects, thereby benefiting industry demand. Additionally, favorable mortgage rates and rising home prices are expected to yield an active housing construction sector in 2018. Over the five years to 2023, industry growth will be driven by rising per capita disposable income. Additionally, housing prices are expected to continue rising, bolstering demand for industry services as homeowners often leverage the value of their homes through loans to fund remodeling projects. Despite tightening monetary policy, interest rates are expected to grow slowly to prevent any shocks to the market.
Operators in this industry remodel and renovate the interior and exteriors of residential buildings (i.e. single-family homes and multifamily apartment building units). Remodeling includes additions, alterations, reconstruction, maintenance and repair work. This industry is composed of general contractors, operative remodelers, remodeling design-build companies and remodeling project construction management companies. This industry does not include commercial remodeling.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.