The typical American moves roughly twelve times in their lifetime, which may be a stressful and expensive procedure. The average American moves 11.7 times in their lifetime, per the U.S. Census Bureau. According to this, people relocate every five to seven years on average, most of which are local or within the same state.
Moving may be a successful industry, particularly for businesses that provide full-service moving choices. The moving services sector is one of the most lucrative ones in the US, with a profit margin of 10.2%, according to IBISWorld. Given the huge demand for relocation services, this makes logical.
What industries are hence in great demand? Along with moving services, the real estate sector is flourishing. Real estate agents and brokers are in high demand due to historically low loan rates and a lack of available homes for sale. Home improvement is another sector that is in high demand. Due to the pandemic, individuals are spending more time at home, thus many are doing upgrades and renovations. The amount of persons moving has significantly increased as of 2021. Many people have had to reevaluate their living arrangements as a result of the pandemic, which has increased demand for bigger homes with greater outside space. In a poll conducted by MyMove, 56% of those who moved in 2020 said that their decision was influenced by the epidemic.
How many moving businesses are there in the United States, in total? The American Moving and Storage Association estimates that there are about 7,000 moving companies in the country. Both major national chains and tiny local companies fall under this category.
In conclusion, the moving services sector is lucrative with a large profit margin due to the fact that the average American moves approximately a dozen times in their career. The real estate and home improvement sectors are also in high demand. Due to the epidemic, there is an increase in demand for larger homes with greater outdoor space, which has resulted in more individuals migrating. There are many options available for people in need of moving services, as there are around 7,000 moving businesses in the United States.
The report claims that people between the ages of 18 and 34 migrate the most. They typically relocate in search of better educational and employment possibilities.