III. Industry Analysis
No home is perfect. Many homeowners find that they need to make updates or changes to their homes at some point in their ownership. Since many of these projects can be extensive, homeowners depend on professionals to get the job done. Therefore, contractors and remodeling businesses will always be in demand as long as people own their own homes.
According to Allied Market Research, the home remodeling market is currently valued at $852 billion and is expected to grow at a compound annual growth rate of 4.3%. This growth rate shows that remodeling services are still needed and the industry will continue to grow and expand. Though the remodeling industry suffered losses during the pandemic years, the current project growth rate shows that people are ready to spend money on extensive remodeling projects again. Therefore, now is a great time to start a new remodeling business.