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U.S. Home Remodeling Market Size

Report ID: GMI4459
Published Date: Jun 2024
Report Format: PDF

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U.S. Home Remodeling Market Size

U.S. Home Remodeling Market was valued at USD 432 billion in 2023 and is estimated to grow at a CAGR of 4.8% from 2024 to 2032. The increasing disposable incomes of homeowners and changing preferences have led to a rise in demand for attractive housing interiors and exteriors. This has led to changing trends in materials and products used in residential construction and interior design. The increase in home automation technology advancements and ongoing progress in appliance technology have resulted in a growing trend of household remodeling to integrate improved systems, particularly for consumers who are progressively adopting smart devices.

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The expanding construction sector and the rise in construction expenditure can be attributed to the increasing disposable income in the U.S. According to the Federal Reserve Bank of St. Louis, the state's per capita personal income raise from USD 64,174 in 2019 to 77,036 in 2022. The analysis shows a significant gain in income levels, which has led to a better standard of living and increased demand for residential remodeling.

U.S. Home Remodeling Market Report Attributes
Report Attribute	Details
Base Year:	2023
U.S. Home Remodeling Market Size in 2023:	USD 432 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	4.8%
2032 Value Projection:	USD 649.7 Billion
Historical Data for:	2021 - 2023
No. of Pages:	487
Tables, Charts & Figures:	428
Segments covered:	Project, Wholesales, End Use, Distribution, Region
Growth Drivers:	Rising new home prices and increased transfer of ownership Supportive energy efficiency initiatives and financial choices Changing customer buying habits
Pitfalls & Challenges:	Increase in labor and raw material costs Supply chain disruptions

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The consistent rise in the price of materials and labor presents significant challenges in the home remodeling industry. Homeowners often find it difficult to stick to their budget, resulting in scaled-down projects or delayed renovations. The strain on finances can reduce excitement for enhancements, necessitating meticulous planning and prioritization to effectively handle expenses while reaching desired results.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of U.S. home remodeling was reached USD 432 billion in 2023 and is expected to register 4.8% CAGR from 2024 to 2032, owing to increasing disposable incomes of homeowners and changing preferences, leading to a rise in demand for attractive housing interiors and exteriors in the country.

U.S. home remodeling industry from the DIY projects segment is expected to register 4.9% CAGR from 2024 to 2032, due to enabling individuals and homeowners to complete various tasks by themselves.

California home remodeling industry captured 11% revenue share in 2023 due to rising building and property rates, spurring demand for residential remodeling and renovation as a less expensive option to purchasing a new home in the state.

ABC Supply, Harvey Building Products, JELD-WEN, Kohler Co., LU Kitchen & Bath, Masco Corporation, National Wholesale Supply, Pella Corporation, Robert Bowden, Inc., The Home Depot, and The Sherwin-Williams Company, are some of the major home remodeling companies in the U.S.