Home services franchises cover a large number of areas including, but not limited to: decoration, landscaping, repair and maintenance, moving and storage, and renovation. Many franchises in this industry can fall into one or more segments.
1. The U.S. Department of Labor projects the general maintenance and repair workers industry to grow about as fast as the average through 2021.
2. The home services franchise industry took a blow, but didn’t get hit as hard as the general real estate market during the recession. Instead of moving, many homeowners sought services to freshen up their home from minor renovations like painting to major renovations like bathroom or kitchen remodels.
3. Estimates for the total financial impact of the home services industry vary, from $400 billion to $800 billion. However, all industry observers confirm that the home services industry is growing again at a noticeably substantial rate.
4. A significant aspect of industry growth has been referred to as “aging in place.” As Baby Boomers age, a large number want to remain in their homes. This leads to modifications that allow them to live in their homes comfortably as long as possible.
5. Consumer interest in sustainability, also referred to as green living, will factor into future industry growth. People are becoming more environmentally aware in regards to materials, and are also looking to improve the energy efficiency of their homes.
6. Younger homeowners find themselves busier than ever and their lifestyles don’t necessarily allow time for as many “around the house” projects. This is another huge growth factor for the home services industry.