The home improvement and remodeling industries have seen rapid growth in the last few years. This comes as homeowners look to enhance their living spaces. This includes home improvements, such as renovations, remodeling, repairs and updates to old homes, both big and small. There is an increased focus on personalizing spaces as the property valuation is increasing, and people are spending more on home projects.
Popular trends include energy-efficient upgrades, smart home technology and DIY solutions are fueling this growth. Statistics from several insights show that billions of dollars are spent annually on home improvement, making it a vital part of the economy. Whether it’s kitchen remodeling, adding outdoor spaces, or simple repairs, the industry continues to thrive.
Here are some recent stat findings according to Coolest Gadgets,
- Home Improvement Industry Statistics show that in the United States of America, the home improvement market has reached USD 544.6 billion in 2024.
- Meanwhile, home improvement spending increased by 81% from 2014 to 2023. However, a decrease of USD 30 billion is anticipated between 2023 and 2024.
- The median annual spending per household on home improvements was USD 24,000 in 2023, marking a 60% rise from 2020.
- A projected 37.5% reduction in planned annual household spending is expected for 2024 compared to 2023.
- The U.S. home improvement market is expected to expand by an additional 10% from 2024 to 2027.
- Since 2019, the number of businesses in the U.S. remodeling industry has increased by 74%, adding approximately 350,000 businesses over the past five years.
- The number of women in construction has grown by 60.5%, rising from 802,000 in 2012 to 1.29 million in 2023.
- Curb appeal projects lead in return on investment (ROI) for 2024, with garage door replacements topping the list at a 193.9% return.
- Home improvement spending is projected to decline by 2.7% through the third quarter of 2024, marking the first decrease since 2010.
- In 2023, homeowners who invested in home improvement completed an average of 2.8 projects, with spending increasing by 12% compared to previous years.
- The home improvement products market is highly sensitive to the health of the housing sector. Factors like high development and construction costs influence market dynamics.
