The Growing Home Improvement Industry

Home improvement

The home improvement industry is growing rapidly. The industry is now worth over $400 billion annually and is expected to reach $510 billion in 2024. This includes spending on do-it-yourself projects and hiring tradespeople to do renovations and repairs. It is also a major contributor to the global economy. In western societies, attractive and functional homes are valued highly.

A recent Axiom survey found that over one-third of homeowners plan to perform some type of home improvement in the next few years. While a majority of them plan to do some work themselves, most will hire a professional to perform certain tasks. The most popular home improvement categories include remodeling exteriors and backyards. For example, the number of homeowners planning to put up a deck or a fence has increased by threefold since March of this year. The number of DIYers who plan to undertake more projects is also higher than it was last year.

Home improvement projects may range from changing kitchen cabinets to bathroom tiles to replacing HVAC systems. While some projects might require more work than others, they may be able to fit into a timetable that works with your budget and schedule.