The housing market is in somewhat of a slump. Okay, maybe it’s more than a slump. Any way you want to look at it, many Americans are coming to grips with the fact that they won’t be moving out of their current house anytime soon. In fact, many of them are just happy they have a home at all. That actually can be good news for someone who wants to start a business in the area of home improvement, or who might want to expand the business they’ve already got.
Home Improvement Industry Outlook
According to the Home Improvement Research Institute, business owners in the home improvement industry have experienced some slowed growth overall as of late. Not surprising when you consider the huge decline in new home construction and sales. But sales of home improvement products for existing homes are anticipated to turn positive this year by comparison. And even though the overall growth in this market sector will be below trend, the majority of growth that is anticipated will be in the consumer market.
So, who’s the consumer market? It’s all of us who already own a home and who want to invest in it. As sad as it is to even imagine the number of people who are losing their homes, there are millions more who are staying put and doing some work to freshen up what they’ve got. The average homeowner feels lucky to have a home at this point. And now that many of them have realized they might be living in their homes for quite some time, doesn’t it stand to reason that they will need or want to invest in making them more functional…or even just more “homey?” If homeowners have the financial means to tackle reasonably priced projects, and many of them do, then it sure does.