2022 Projections For Home Remodeling Services

2022 Projections for Home Remodeling Services

If you’re thinking about starting a home remodeling business, it will help you to learn about the 2002 projections for home remodeling services.

Home Remodeling In 2021

Before we look ahead to 2022, we need to understand how home remodeling businesses faired in 2021. Entire industries rarely experience wild swings from struggling one year to thriving the next, so it’s important to look back for a moment and analyze what happened in 2021. So, how did remodeling services businesses do in 2021? The answer, in a word, is “good.” In two words, “very good”.

A Post-Pandemic Boom

We don’t mean to be insensitive and we absolutely understand Covid-19 is still a major challenge and a serious potential threat to many Americans. In an economic sense, however, much of 2021 was categorized by how businesses and industries rebounded from the pandemic-inflicted hits they suffered in 2020. For home remodeling businesses, this rebound actually began half-way through 2020.

Actually, it truly began in March of 2020 when home finance applications surged by 79%. Low interest rates in anticipation of what would become the Covid-19 pandemic led many homeowners to borrow money for remodeling jobs they had long planned or hoped for. By June of 2020, responsible and responsive home remodeling businesses figured out how to carry on their work while minimizing the chances of transmitting Covid-19. You can read more about how these businesses faired here and more about how these positive trends continued in 2021 here.

2022 Projections For Home Remodeling Services

For over a year and a half now, we’ve seen a variety of factors contribute to continued high demand for home remodeling services. People stuck at home during the pandemic had access to low-interest loans, extra money they might have spent on vacations or other experiences, and a growing distaste for outdated kitchens they had been forced to spend a lot of time in while in lockdown or reducing social contacts. This lead to a surge in demand for home remodeling services.

People then shared images and videos (like these) on social media that inspired other people to hire remodelers and cabinet installers themselves. And with home equity and property values continuing to rise, homeowners have the resources to remodel and the urge to remodel, given that it’s probably easier than buying a new home. These factors and others lead to latest Leading Indicator of Remodeling Activity (LIRA) to predict 4.8% growth in spending by the first quarter of 2022 and annual growth in home renovation and repair expenditures to reach 8.6% by the second quarter of 2022.

Work With Kitchen Solvers To Start Your Home Remodeling Business In 2022.

To begin the process of becoming a Kitchen Solvers franchise partner, please contact us.

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