What Are The Economic Indicators For Handyman Franchises?
The economic indicators for handyman franchisors are good. Not convinced? Then read this article and you will find out why handyman franchises are on course to be some of the most in-demand businesses in the USA in 2021.
Handyman Franchises Have Seen Their Business Increase Steadily. But The First Sign That Something Significant Was Happening Occurred About A Year Ago.
In March 2020, home refinance applications rose by 79%. Now, not every home refinance application is meant for a home renovation, but many, probably a majority, are. With low interest rates that were predicted to stay low or even fall in the face of the coming COVID-19 pandemic, homeowners who had the means saw an opportunity. And while many of us were guilty of not predicting the severity of the damage that COVID-19 would cause, these homeowners were largely right in their prediction. Furthermore, property values and home equity stand out as some of the few things that haven’t been damaged by the pandemic. And while that 79% surge was surprising, some kind of increase was expected; demand for home remodeling has been increasing steadily for years. But now it’s March 2021. How are things going now?
How Hard Did COVID-19 Hit Handyman Franchises?
To say that handyman franchises have rebounded from COVID-19 would be accurate, but not entirely so. Obviously, not every single handyman franchise in the country is doing great business, but more to the point, there wasn’t a lot of damage from which handyman franchises had to recover. A COVID-induced depression on the demand for handyman franchises only lasted about three months. According to Houzz, an online home remodeling platform, project leads for home professionals saw a remarkable 58% annual increase in June 2020. Once people got to grips with how the virus worked—and the fact that they would be stuck at home a lot more over the next year or two—they felt comfortable with hiring handymen and handywomen to spruce up their homes.
Pandemic Home Remodeling Is Definitely A Thing.
It should be noted that a lot of that 58% increase in project leads in June of last year was for outdoor remodeling. Are handyman franchises getting a lot of work indoors right now? Yes, they are. And they have been for many months now. June 2020 also saw a 40% jump in the demand for kitchen and bathroom remodels compared to June of the previous year.
If you want to take advantage of these favorable economic conditions, contact us, as we currently looking for new Kitchen Solvers owners. Kitchen Solvers is a proven kitchen remodeling brand that has a strong culture and brand awareness.. Please contact us to get started.