In the United States, home renovations are frequently done. For a variety of reasons, including enhancing functioning, enhancing beauty, or raising the property value, people renovate their homes. How often do they do it, though? According to a recent Houzz poll, US homeowners update their houses once every ten years on average.
The Retail Home Improvement Sector
The companies that offer goods and services for home remodeling are referred to as being in the home improvement retail industry. The US home improvement retail market generated $400 billion in revenue in 2019, according to Statista. Big-box retailers like Home Depot and Lowe’s as well as specialist shops like Menards and Ace Hardware are all part of the sector. Contractors for home improvement in the US
It is challenging to determine with accuracy how many home renovation contractors there are in the US. But in May 2020, the US had more than a million construction companies, according to the Bureau of Labor Statistics. Both companies that specialize in new construction and those that focus on remodeling and rehabilitation are included in this total. Market Share of Lowe’s
One of the biggest home improvement businesses in the US, Lowe’s had a market share of about 9% as of 2021. They nevertheless have a considerable presence in the market despite being smaller than their major rival, Home Depot. Market share at Home Depot
With a market share of almost 29%, Home Depot is the biggest home improvement shop in the US. In the United States, Puerto Rico, and Canada, they operate nearly 2,200 locations. The market leadership of Home Depot can be ascribed to both their broad range of goods and services and their aggressive pricing.
Finally, it should be noted that in the US, home renovations normally take place once every ten years. The two biggest businesses in the home improvement retail sector, Home Depot and Lowe’s, are a considerable contributor to the US economy. It can be difficult to determine the exact number of home renovation contractors in the US, but there are more than a million construction companies there. Renovations to one’s home will always be a significant part of homeownership in the US, no matter how big the market or how many contractors there are.