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Where Does Home Improvement Fall Under in Terms of Industries?

I. Understanding the Industry Landscape:

  1. Home Improvement as a Subsector:

    • Home improvement is a distinct subsector within the broader construction industry.
    • It focuses on renovating, remodeling, or enhancing residential properties.
  2. Intersection of Multiple Industries:

    • Home improvement brings together various sectors, including construction, retail, manufacturing, and design.
    • It creates a symbiotic relationship, driving growth and innovation in each industry.

II. Positive Aspects and Benefits:

  1. Economic Impact:

    • Home improvement contributes significantly to the local, regional, and national economy.
    • It generates job opportunities, boosts consumer spending, and stimulates related industries.
  2. Market Growth:

    • The home improvement industry has experienced steady growth over the years, fueled by homeowners' desire to enhance their living spaces.
    • It presents ample opportunities for

Report Overview. The U.S. residential remodeling market size was estimated at USD 512.01 billion in 2022 and is expected to grow at a compounded annual growth rate (CAGR) of 4.4% from 2023 to 2030.

What is the home improvement retail industry?

Stores in this industry sell a range of home repair and maintenance goods, such as hardware, tools, electrical goods, lumber and structural material for construction and renovations.

What is the outlook for the home renovation industry?

Rising labor costs and continuing supply chain issues plague the home improvement industry. Per JCHS, home improvement revenues peaked in the third quarter of 2022 and will start decreasing in 2023. JCHS is still optimistic about some revenue growth, projecting a market increase to $485 billion by the end of 2023.

What is the meaning of home renovation?

Verb. If someone renovates an old building, they repair and improve it and get it back into good condition.

Who is the target audience for home renovation?

Middle to upper class is the demographic for homeowners, and so are mothers. Older couples have also been looking at home remodeling in the recent years, to provide comfort and mobility in their later years. Statistically, the ones searching around the home improvement market are male, but women are searching as well.

What industry is home improvement?

This industry encompasses the sale of building materials, appliances, décor, and other home enhancements, along with the services offered by contractors, tradespeople, and other workers who help to build, install, modify, and upgrade homes.

What type of construction is a remodel?

Remodeling is defined as altering a structure, whether this alteration is exterior or interior, from the original construction. Some examples of remodeling are, but are not limited to: Completely transforming the structure and/or style of any space, home, or building.

Frequently Asked Questions

What is the Naics code for home improvement?

NAICS Code 236118

Common types of business activities within NAICS Code 236118 - Residential Remodelers are: Addition, alteration and renovation, residential building, general contractors. Addition, alteration and renovation, multifamily building, for-sale builders. Home renovation.

What service is home improvement on?

Hulu

How to Watch Home Improvement. Right now you can watch Home Improvement on Hulu. You are able to stream Home Improvement by renting or purchasing on Amazon, Google Play, and Vudu.

FAQ

How big is the home improvement retail industry?

The market size, measured by revenue, of the Home Improvement Stores industry was $260.5bn in 2022. What was the growth rate of the Home Improvement Stores industry in the US in 2022? The market size of the Home Improvement Stores industry declined -0.2% in 2022.

What industry does home remodeling go under

The home improvement industry has been increasing annually in most parts of the world. In the United States, the market value is forecast to exceed 600 billion 

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