How Big is the Kitchen and Bath Remodeling Industry?
Kitchen and bath remodeling is a big thing. This industry is quickly growing, and a franchise incorporating both kitchens and baths will be very successful.The size of the remodeling industry will always expand and contract, like waves in the ocean. The current trend shows that kitchen and bath remodeling is still going strong. Have you wondered what causes the growth of the remodeling industry? The reasons may be easier to understand than you think.
What is Causing The Remodeling Industry Growth?
We’ve all experienced, and heard the talk about, the recent recession. It has affected all ages, especially young adults. This age group especially had a difficult time finding jobs or buying homes during the recession, and most ended up moving in with their parents. (Who wants to live with their parents after they are 20?) Others had to recruit one or more roommates to share an apartment.
Now, however, things are changing. These young adults are now able to have the finances to buy a home. This goes for all age groups really, homeownership is a goal for many renters. Baby-Boomers are also entering retirement, and are now taking the chance to work in their homes. Some are doing minor improvements for taste and updating, where others are making adjustments and preparing their homes to be functional in the years to come. They want to stay in their homes as long as possible.
Homeownership is good, not only for individuals, but communities as well. Believe it or not, homeownership has been proven to increase volunteering, improve health and school outcomes, reduce crime and increase lifetime wealth. Homeownership can create social, economic and even civic benefits of the owner and community.
What Does This Have to do with the Kitchen Remodeling Industry?
Homeowners care about the financial value of their house. They invest in their houses, physically improving each room, as well as the surrounding yard or grounds. This is where remodeling and renovating come in. Homeowners are spending more time improving specific rooms, such as the kitchen and the bathroom. These two rooms are some of the most used and busiest rooms in a home, and often need updating or upgrading.
Are you a mathematical person? Here are some numbers regarding home remodeling.
Remodeling actually peaks for homes that are at least 25 to 30 years old, and peaks again for these two particular rooms, yes you guessed it, the kitchen and the bathroom.
The remodeling industry reached $300 billion in 2007, growing from a rate of 7.5% annually since 2000. Spending has grown in 2015 from 2.4% to 6.8% in 2016. Most home renovating companies said 2015 revenues were at or above pre-recession amounts. Kitchen and bath remodeling has been a large part of the increase this year, and is expected to grow to around $300 billion again. The recession hasn’t really hurt home renovations. Often during such times, people tend to invest in their current home rather than buying a new one.
So, how big is the kitchen and bath remodeling industry? The simple answer is, big. It reaches farther than just the United States. Now is the time to come aboard and start making your house the home you always wanted.
About Kitchen Solvers
Kitchen Solvers is a multi-dimensional kitchen remodeling business, offering total kitchen remodeling solutions for homeowners across the country. As a one-stop-shop kitchen remodeling business, our franchisees never have to say NO because we offer the widest selection of products and services available. From kitchen design, cabinet refacing and new cabinetry to custom counter tops, tile back splashes, and storage solutions, Kitchen Solvers provides the best solutions to meet the unique remodeling needs of our customers. For more details visit –https://kitchensolversfranchise.com/Back