You may be surprised by what industry experts say is in store for remodelers over the next ten years. In “The Remodeling Market: 2018“, Professional Remodeler magazine spells out in detail their vision of the remodeling industry in the wake of the baby boomers. Expect sizable growth, they say. Don’t fear the current slowdown. All’s well, they say. And, I say, it sure makes a lot of sense.
The article starts by exemplifying industry growth over the last ten years. From 1998 to 2008 the remodeling industry nearly doubled and, they predict, you can expect nearly equal growth over the next ten years. With help from the NAHB, JCHS, and the U.S. Census Bureau, the article goes on into great detail. It addresses several different changes that remodeling contractors can expect over the next ten years: rising minority influence, generational changes, and more green building are the big ones.
Yet, in the midst of a slow housing market, which is now affecting remodelers, it may be hard to believe in such positive numbers. So where do they get the idea that, beyond this short-term slump, things are looking on the up and up? There are a few reasons:
- Houses are getting older and that means more remodeling, plain and simple. Baby boomers have built a lot of houses over the past years and many of these are now 35-50 years old. This means necessary upgrades…that’s good for business.
- The population is growing and that means more remodeling. The U.S. Census Bureau predicts a population of 335 million by 2020. More population naturally signifies more homeowners and more work for remodeling contractors.
Yet even more fascinating are the predictions regarding the changing customer base. More minority homeowners may mean adjustments for lasting remodelers, not just in language but also culture. These are the days of high-speed internet and the free flow of information. Homeowners have a diversity of information and ideas at their fingertips and one can only expect remodeling to become just as diverse. So, while things are looking up for remodeling, contractors can expect a lot of changes to roll with.