Construction Industry Outlook – Remodeling & Renovation
If there’s one thing this pandemic has given us, it’s more TIME.
Specifically, more time at home. Time to clean, time to organize, time to figure out what you don’t need anymore, time to wonder why you’ve kept that box of random stuff in your basement that’s been through 5 moves, time to stare at your walls and reconsider the color, time to get tired of your kitchen cabinets that are seriously outdated, time to peruse the internet for bathroom remodeling ideas, time to realize your home office could use an upgrade, and time to realize that maybe now is just the right time to finally finish that basement so you and your family members have a new area to use for your very own in-home social distancing.
2020 has brought a huge spike in demand for home improvement projects. For some, it’s out of necessity for things like home offices and school/play areas for kids; for others, they are choosing to use what would have been their vacation fund on remodeling the kitchen. There is even an uptick in landscaping projects, deck building, and fence construction for the same reason. People need a safe, controlled space to relax and be comfortable.
Americans are forced to use their houses differently now. What was an unfinished attic above the garage is now a home office. What was the home office is now the kids’ “classroom” for online learning. And what used to be a kitchen designed in 1992 is now completely refurbished, boosting the family morale and (hopefully) making cooking more fun.
Annual expenditures for renovation and repair of the owner-occupied housing stock are expected to rise from about $332 billion today to $337 billion by the latter half of 2021. A softening of growth is projected in 2021, but recent strengthening of home prices and sales activity – including second home purchases – could provide further boosts to remodeling and repair next year.
- In June, July, and August of this year, there were 330 million U.S. Google searches for home improvement work (up 50% from the same period last year)
- 3 out of 4 homeowners surveyed by Porch.com have completed a major project since the start of the pandemic – roughly the same percentage have one planned.
Check out a few of The Firm’s current Remodeling/Renovation business opportunities:
Home Remodeling, Renovation & Reconstruction in North Carolina
Customized Home Office Furniture in the Twin Cities
Interior Design for High-End Homes – Owner Will Stay on for 2 Years
Home Remodeling, Finish Carpentry, and Custom Cabinetry
Woodworking Network’s Residential remodeling forecast to increase in 2021
NPR’s Why Home Improvement Has Surged and How It’s Changing America
- Turning Your Passion Into a Career- With Celebrity Astrologer Kyle Thomas
- Using FBI Tactics to Close a Deal
- How to Rest - The Secret to Success
- 3 Ways to Find Hidden Treasures in Your Team
- 3 Ways to Hire Top Talent for Your Open Positions
- Less is More: Growing Your Business
- Reaching for the Mountains: Setting Obtainable Goals
- Stop Waiting and Start Now
- How to Increase Workplace Productivity
- Growth Mindset: Essential in the Workplace
- 3 Ways to Tackle the Summer as a Small Business
- 4 Free Resources for Small Businesses
- Embracing the Unknown in Business
- Setting Healthy Expectations in the Workplace
- Why Effective Communication is Essential in Business
- Remote Work Here to Stay
- Learning From General Mills and Shrimp Tails
- 11 Years of Omaha Magazine’s “Best of B2B”
- Due Diligence: Preparation is Key
- Your Business as a Machine: Exit Planning Is Not Just for Exiting
- 10 Industries That Will See Post-Pandemic Profits
- Self-Care in a Pandemic
- Asset Sale vs. Stock Sale
- 5 Most Influential Women in the US
- Advertising Industry Outlook – Adapting Strategies
- How Important Is Due Diligence?
- 6 Best Christmas Movies of All Time
- 4 Upcoming Business Trends of 2021
- Industries Booming During COVID-19
- What Are You Thankful For?
- Why it Makes Sense to Carry as a Seller
- Let's Talk About Pets
- What Exactly Are the Benefits of an SBA Loan?
- 2020 Industry Highs and Lows
- What the "Big Buyers" Want
- What’s an earnout, and why does Ryan Reynolds have one?
- M&A Advisor or Business Broker?
- How to Sell a Business in 7 Easy* Steps
- The Firm Advisors: #1 in the World -- Again!
- Documentation is Key During This Time
- Small Business Debt Relief Program
- Work On Your Small Business (While You Aren't Working In It)
- Meet the Listing: Body Shop w/ Towing & Auto Repair
- Superstitions and Deal Killers
- Choosing Your Investments: Stock Market vs. Business Purchase
- Video: Deal Education
- Industry Spotlight: Advertising and Marketing
- Meet the Team: The Firm Advisors Office Tour
- Securing Your Business Against Ransomware
- M&A: What's an M, and what's an A?
- Location, Location, Relocation
- $20M in One Month
- Pet Care: A Recession-Proof Industry
- The Firm Named to BBB Honor Roll
- Firm Family Christmas
- Firmgiving 2019
- Cortney Sells on IBBA's Podcast
- The Firm Makes Inc. 5000
- M&A: The Industry Defying Gravity
- Have You Met Makayla?
- Dr. Lemberg's Pathway to Retirement
- Steven Makes His Mark in M&A
- Hot Off the Press - June 2019 Magazine
- All Good Things Take Time
- The Firm June Magazine Release Celebration
- The Firm Feels Good Doing Good
- Corner Kick Spoils our Swan
- Opportunity of the Week: A Business That Brightens Children’s Futures
- Q&A With Cortney: Stock Sale Versus Asset Sale
- The Ins and Outs of Seller Financing
- Preparing for the Perfect Retirement
- The Firm Is Breaking Industry Records & Poised for Growth in 2019
- Simply the Best
- Competitor Analysis, Opportunities Listed
- Dentist to Dreamer - Hard Work Pays Off!
- Kansas City Tech Company Useagility Sells to First Tek
- 8th Year as Omaha's Best Business Brokerage
- Sellers: Why You Should Finance Your Buyers
- Summer Intern 2017 - Ameya Shelby
- Industry Forecast: Mind the Generational Gap
- 8 Things We Wish Every Business Buyer Knew Before Calling Us
- Selling Your Business: Getting a Proper Business Valuation
- Asset Sales or Stock Sales: Determining the Best for Your Business Transaction
- Why (and How) Business Owners Are Selling in 2017
- The Law of 3's - Choosing the Right Kind of Broker
- A Mutually Beneficial Relationship
- Reaching Out is Key
- Confidential Business Reviews
- A Change of Pace to Business Ownership
- Confidentiality is at the Core of Business
- Moving into the Boardroom
- Buying a Business vs. Starting Your Own
- Bringing Buyers and Sellers Together is Just the Beginning
- Client Interfacing in the Digital Age
- Four Questions Every Buyer Should Ask
- The Firm Outpaces Transaction Totals from Previous Two Years
- Faces of Omaha 2016: Face of Business Brokerages
- The Firm Business Brokerage Set to Double Sales within Seller's Market - MBJ 2014