Remodelers enjoyed modest growth over the past five years. A decline in consumer confidence amid uncertain economic conditions and rising interest rates offset some gains remodelers benefited from early over the past five years. Remodeling revenue has been increasing at a CAGR of 0.5% to $120.9 billion over the past five years, including a projected increase of 0.9% in 2024 alone, as profit is expected to dip to 6.2%. Labor shortages and increased price-based competition among a growing number of remodelers have primarily contributed to profit declines. Remodelers’ ability to pass higher construction costs onto consumers prevented large profit declines, according to data from IBISWorld.
Remodeling in the US – Market Research Report (2014-2029)
