Did you know that 98% of basements across the US experience water damage at some point during their lifespan? With stats like these, it is clear to see why demand for repair services in the home improvement industry are on the rise. As one of the only companies in the US focused on crawlspaces and basements, we, at Crawlspace Medic, believe we are in the ideal spot to position our business as a premier home repair franchise. And we are ready to keep on growing alongside the industry. Industry leaders and researchers are continuously offering research and statistics that back up the immense growth of the US home improvement industry from the past, present, and future. Our unique services and market allow for our business—and franchise owners—to take advantage of the great potential and growth of this industry.
The home improvement industry has seen terrific growth in the past several years because spending has increased tremendously, and continues to display positive numbers for the future. The Leading Indicator of Remodeling Activity (LIRA), published by The Joint Center for Housing Studies of Harvard University, estimated annual spending on residential improvements and repairs by homeowners to reach over $460 billion by 2022.
Total sales of home improvement in the United States from 2008 to 2022 (in billion U.S. dollars)
As seen above, annual growth in homeowner remodeling expenditure sits at approximately 7% mid-2019.
The LIRA also determined that nationwide home improvement spending is currently increasing at six percent annually. Just three years ago, the annual growth rate struggled to even near six percent. What changed among US homeowners that led to this increase? One reason is the massive increase in homeowner equity. In the past few years, there has been an additional six trillion dollars in homeowner equity, allowing homeowners to confidently tackle the various repairs and upgrades needed for their homes. Given the recession in 2008, many homeowners put off these repairs during, and after, the financial crisis. But now, with the income to do so, many are taking advantage to restore their homes. Our homes are largely made up of wood, causing wood damage repair to serve as one of the most common home repair needs. Yet, not many businesses cater exactly to the specific needs of the repairing the damaged wood in your crawlspaces and basements — that’s why our home repair franchise is able to successfully take advantage of the low competition to provide our specialized repair and inspection services in great demand.
Another reason home improvement spending has increased is due to the fact that US residents simply aren’t moving out of their homes. 80% of current homeowners in the US plan on staying in their existing homes, instead of pursuing new housing options. Less demand for new installation and house opening services calls for an increase in need for home repair services. Again, wood is highly prone to becoming damaged, especially in regions of increased humidity and moisture. As the weather becomes more and more unpredictable and water damage continues to increase, wood damage repair becomes a leading home repair need.
So, Why Crawlspace Medic?
We know that more and more are looking for reliable professionals to tackle their home improvement projects, as repair needs are in full swing. With our services specializing in crawlspace inspection, repair, and maintenance, the demand for our services combined with the lack of other competitors makes us the perfect fit for the growing industry. We provide the premier reliability and dependability that homeowners desire to dependably maintain the structural integrity and health of their homes. We are extremely excited to continue building off of the growing path of the home improvement industry, and we envision the partnerships with our business owners to experience that same exceptional growth.
If you’re looking for more freedom and flexibility in your career, opening your own Crawlspace Medic could be the perfect opportunity for you. Our business owners get to experience a fresh entrepreneurial challenge alongside the outstanding economics of our unique home repair franchise. If you want to learn more about Crawlspace Medic and how you can take advantage of the growing home improvement industry, CLICK HERE. Here, you can learn all about how you can join us at Crawlspace Medic!