Remodeling market growth good for handyman services

Over the years I've seen business opportunities come and go. Choosing a franchise that is here to stay and not a fad can be so important for your success. Remodeling and home improvement activity continues to be a great measure as to how strong the opportunity is for any of our House Doctors and House Medic handyman service franchises. That's why it's great news when we see the remodeling market continuing to grow. In this post I share some remodeling data from a study by Jonathan Smoke, Chief Economist with Hanley Wood, dated November 12, 2013 which show exciting times ahead for both of our Brands.

11,651,573 remodels forecast for 2014

The Hanley Wood study states that the homebuilding and remodeling market is expected to continue building momentum into 2014. According to the study it looks like 2014 will be the strongest year in residential spending in 7 years and remodeling and home improvements is expected to rise by another 5% getting us close to figures that show a full National recovery.
I thought I'd also include for you the top 10 remodeling markets at the moment and the markets that are expected to be the biggest in 2014. The great news is that at House Doctors and House Medic handyman services we have a number of these markets available for new franchisees.

 

  Top 10 Remodeling Markets in US

1. Buffalo-Niagara Falls, NY

2. Houston-Sugar Land-Baytown, TX

3. San Antonio-New Braunfels, TX

4. Dallas-Fort Worth-Arlington, TX

5. Austin-Round Rock-San Marcos, TX

6. Pittsburgh, PA

7. Des Moines-West Des Moines, IA

8. Denver-Aurora-Broomfield, CO

9. Oklahoma City, OK

10. Indianapolis-Carmel, IN

  Biggest Remodeling Markets for 2014

1. New York-Northern New Jersey-Long Island, NY-NJ-PA

2. Los Angeles-Long Beach-Santa Ana, CA

3. Chicago-Joliet-Naperville, IL-IN-WI

4. Dallas-Fort Worth-Arlington, TX

5. Washington-Arlington-Alexandria, DC-VA-MD-WV

6. Houston-Sugar Land-Baytown, TX

7. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

8. Boston-Cambridge-Quincy, MA-NH

9. San Francisco-Oakland-Fremont, CA

 

10. Atlanta-Sandy Springs-Marietta, GA

Reasons why confidence is high that momentum will continue into 2014 and beyond

• The Baby Boomers are feeling more confident. They are investing in new homes and/or discretionary home improvements and home modifications—Aging in place is expected to be a key driver for the next 5-10 years
• Increases in Mortgage rates are not expected to stop the recovery
• Consumer confidence is increasing and once again driving home purchase decisions
• People have put off remodeling and replacement projects. They are now needed just as home equity improves
• New home demand is shifting again to better and bigger
• Housing is again a positive contributor to the economy and helping to drive economic growth
• Economic growth and opportunity continues to vary market to market

What do you think? Will the momentum continue? How does your market compare?