For the do-it-yourselfer, there is nothing quite like going to a home improvement store. The ability to fix things yourself, replace items that have expired [like light bulbs], or obtain equipment to use at a home have a specialty focus in this industry. Helping people take care of a job themselves becomes fun and affordable!
Interesting Home Improvement Statistics
The home improvement industry is expected to be worth $678 billion by 2015.
Why is there such an emphasis on doing work on one’s own? Because it is much cheaper than needing to hire a contractor and the only person that can be blamed for a poor job is the one that looks back at you in the mirror. There’s no worry about who is coming over to a home or what time they’ll be around. There’s just you and the items you got from the home improvement industry.
Essential Facts to Know About the Industry
1. Global demand for windows and doors makes up about one-third of the total revenues in this industry, expected to reach a total of $200 billion in 2015.
2. The United States is expected to import 1.9 billion square meters of laminate flooring by 2017.
3. The global industry is expected to grow by 2.5% over the next 5 years, but in the United States it is expected to grow by 7% per year.
Takeaway: There has been an emphasis in the United States to save money whenever possible since the 2008 recession. This is reflected in the home improvement industry as home owners work to fix broken windows and doors primarily, but also take on other tasks that may need to be done. The amount of imported flooring expected to hit US shores by 2017 is proof of this, as new residential and commercial building rates are far behind levels previously seen.
Additional Key Facts About the Home Improvement Industry
1. The US roofing industry is expected to generated almost $25 billion in revenues by 2015, although the 5 year period that ended in 2010 saw declines of 6% annually.
2. Revenue estimates for plumbing fixtures is expected to hit $11 billion within the next 2 years.
3. Germany is expected to import more laminate flooring by 2017 than any other country except the United States.
4. China is expected to make up 30% of the total revenues in the windows and doors segment of this industry.
5. The combined revenues of building materials makes up two-thirds of the total revenues generated in this market.
6. One of the largest generators of revenue in this industry is energy efficient products for the home.
7. Some sub-fields within this industry, such as fixtures, are expected to see growth of up to 20% per year through 2017.
Takeaway: The home improvement industry does take on some risks that other industries don’t necessarily take. They are dependent on the construction industry for a portion of their business and home owners who want to take control of their property for the other portion. With the addition of building experts in stores being employed specifically to help the DIY specialist get a job done the right way the first time around, the future looks very bright for this industry indeed.