Introduction
Contents
- Introduction
- Editor’s Choice
- General Home Improvement Industry Statistics
- Popular Home Improvement Projects Statistics, 2024
- Home Improvement Service Market Statistics
- Home Improvement Industry Statistics by Category
- By Category Sales Growth
- By Average Price Paid
- U.S. Home Improvement Market Size Statistics
- Home Improvement Statistics by Total Spending
- Change in Home Improvement Spending Statistics
- Frequency of Home Renovations Statistics
- Home Improvement Industry Statistics by Consumer Behavior
- By Region
- Primary Reasons for Home Improvement
- Top Home Improvement Store Chains Statistics by Customer Satisfaction
- Number of Stores Statistics by Leading Home Improvement Retailers
- Sustainable Initiatives for Home Improvement Industry Statistics
- Conclusion
Home Improvement Industry Statistics: The home improvement industry has seen rapid growth in the last few years, as homeowners are looking towards enhancing their living spaces. Home improvements, such as renovations, remodeling, repairs, and updates to old homes, both big and small. As the property valuation is increasing, there is an increased focus on personalizing spaces, and people are spending more on home projects.
Popular trends like energy-efficient upgrades, smart home technology, and DIY solutions have also fueled this growth. Statistics from several insights show that billions of dollars are spent annually on home improvement, making it a vital part of the economy. Whether it’s kitchen remodeling, adding outdoor spaces, or simple repairs, the industry continues to thrive. This article explores the key statistics that highlight the growing demand and investment in home improvement.
Editor’s Choice
- Home Improvement Industry Statistics show that in the United States of America, the home improvement market has reached USD 544.6 billion in 2024.
- Meanwhile, home improvement spending increased by 81% from 2014 to 2023. However, a decrease of USD 30 billion is anticipated between 2023 and 2024.
- The median annual spending per household on home improvements was USD 24,000 in 2023, marking a 60% rise from 2020.
- A projected 37.5% reduction in planned annual household spending is expected for 2024 compared to 2023.
- The U.S. home improvement market is expected to expand by an additional 10% from 2024 to 2027.
- Since 2019, the number of businesses in the U.S. remodeling industry has increased by 74%, adding approximately 350,000 businesses over the past five years.
- The number of women in construction has grown by 60.5%, rising from 802,000 in 2012 to 1.29 million in 2023.
- Curb appeal projects lead in return on investment (ROI) for 2024, with garage door replacements topping the list at a 193.9% return.
- Home improvement spending is projected to decline by 2.7% through the third quarter of 2024, marking the first decrease since 2010.
- In 2023, homeowners who invested in home improvement completed an average of 2.8 projects, with spending increasing by 12% compared to previous years.
- The home improvement products market is highly sensitive to the health of the housing sector. Factors like high development and construction costs influence market dynamics.
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General Home Improvement Industry Statistics
- Consumer market sales are predicted to grow 3.2% in 2024, doubling professional market sales growth.
- As of 2023, 40% of homeowners made more home improvements due to high interest rates and in 2024, almost 30% of plans passed on similar projects.
- Angi’s data shows that 46% of homeowners used savings, 20% used credit cards, 7% refinanced, and 5% chose HELOC loans for home improvement spending.
- Home Improvement Industry Statistics predict that the professional market will grow faster than the consumer market by 2025.
- The consumer market is estimated to grow at an average annual rate of 3% between 2026 and 2028.
- During the same period, the professional market is forecasted to grow by about 5% each year.
- Consumer market spending is projected to reach USD 441.2 billion by 2028, while the professional market may reach USD 213.3 billion.
- The Joint Center for Housing Studies at Harvard predicts home improvement spending will drop from USD 489 billion to USD 452 billion next year.
- Mortgage rates are around 6% now but are expected to decrease in 2024 and 2025.
- In the first half of 2024, the top retailers for home improvement market share are Home Depot (17.1%), Lowe’s (15.2%), contractors (10.3%), Amazon (6.4%), and Walmart (4.9%).
Popular Home Improvement Projects Statistics, 2024
- As per Home Improvement Industry Statistics, Kitchen remodels are a favorite among homeowners, with about 27% choosing to upgrade their kitchens.
- Bathroom renovations are also common, with 25% of homeowners updating guest bathrooms and 23% focusing on primary bathrooms.
- Meanwhile, around 30% are brightening up their homes with fresh interior paint, and 27% are improving functionality by installing new appliances.
- Additionally, outdoor living spaces are a priority for 33% of homeowners who are creating larger, more enjoyable backyard areas.
Home Improvement Service Market Statistics
(Source: shortpixel.ai)
- By 2033, the global home improvement services market is predicted to reach USD 652.3 billion.
- This is a rise from USD 402.9 billion in 2024, with an annual growth rate of 5.50% CAGR from 2024 to 2033.
- Home Improvement Industry Statistics further elaborates that the estimated service market size is followed by 2025 (USD 425.1 billion), 2026 (USD 448.4 billion), 2027 (USD 473.1 billion), 2028 (USD 499.1 billion), 2029 (USD 526.6 billion), 2030 (USD 555.5 billion), 2031 (USD 586.1 billion) and 2032 (USD 618.3 billion).
Home Improvement Industry Statistics by Category
(Source: cloudfront.com)
- In 2024, three categories brought in the highest revenue for the home improvement industry.
- Major appliances, led by LG, accounted for 20%, with Lowe’s and Home Depot as the top sellers.
- Lawn and garden products (14%, Scott’s) and home care items (14%, Trane) were also popular, mainly sold at Home Depot and Lowe’s.
By Category Sales Growth
- Home Improvement Industry Statistics in 2024 also show that online home improvement purchases have increased again, hitting a record high of nearly 29%.
- In contrast, about 22.3% of total spending on these items is now done online.
- Interestingly, while 1.6% more items are bought online compared to 2020, the total spending share is 0.1% lower than in late 2020.
By Average Price Paid
(Reference: cloudfront.net)
- The average price for online home improvement purchases dropped from USD 237 in the first half of 2023 to USD 228 in 2024.
- In-store or retail purchases during the same period were USD 247 in the same duration.
U.S. Home Improvement Market Size Statistics
(Reference: statista.com)
- A Statista report analysis stated that in 2023, home improvement sales in the U.S. were about USD 544.6 billion and USD 549.2 billion by the end of 2024.
- This amount is predicted to grow to USD 569 billion by 2025, followed by USD 585.5 billion (2026) and USD 602.5 billion (2027).
Home Improvement Statistics by Total Spending
(Source: kbbonline.com)
- Home Improvement Industry Statistics show that in the United States, the total spending on home improvement services was around USD 13,667.
- In addition, the segmental spendings were followed by an improvement of USD 9,542, maintenance (USD 2,458) and Emergency (USD 1,667).
Change in Home Improvement Spending Statistics
(Reference: statista.com)
- According to Home Improvement Industry Statistics, 48% of Americans said they could delay buying home improvement items if the United States experienced a recession.
- Meanwhile, in 2024, around 31% can easily eliminate it, and 21% will buy at the same rate.
Frequency of Home Renovations Statistics
(Reference: statista.com)
Home Improvement Industry Statistics by Consumer Behavior
- In the first quarter of 2024, there was a 19% rise in home improvement spending compared to the same period in 2023.
- The percentage of households planning to start a home improvement project increased from 17% in Q1 2024 to 23% in Q2 2024.
- Due to economic uncertainties, consumers are focusing on smaller, quicker home projects and repairs.
- Between January and April 2024, online sales in the home improvement sector grew by 16%, driven by tools, machines, and workwear.
- Consumers are willing to pay more for environmentally friendly home improvement products.
- Professional market sales in home improvement are expected to grow by 5.0% in 2024, following a 2.6% decline in 2023.
By Region
(Reference: amazonaws.com)
- Home Improvement Industry Statistics reported that by 2024, the North American home improvement market will lead with a strong 35% share, supported by high homeownership rates and strong consumer spending.
- Europe follows with a 25% share, driven by increasing urbanization and higher disposable incomes.
- Other regions include Asia-Pacific, which contributes 23% of the market share; Latin America, which contributes 11%; and the Middle East and Africa, which contribute 7%.
Primary Reasons for Home Improvement
Causes | Share |
To maintain the proper condition of the home |
45.1% |
To make the home better suited for lifestyle needs |
23.3% |
To get personal enjoyment out of an outdated home |
13.4% |
Renovating instead of moving due to interest rates |
8.6% |
Meeting demands of changing family situation |
6.3% |
Financial return on investments |
5.2% |
Preparation for home buying or selling |
4.8% |
Others |
3.4% |
Top Home Improvement Store Chains Statistics by Customer Satisfaction
(Reference: statista.com)
- Home Improvement Industry Statistics show that Menards ranked highest in customer satisfaction among U.S. home improvement stores, scoring 678 out of 1,000 points in 2024.
- Furthermore, other home improvement chains ranked highest in customer satisfaction on a 1000-point scale were Ace Hardware (676), Study Average (665), The Home Depot (665) and Lowe’s (660).
Number of Stores Statistics by Leading Home Improvement Retailers
(Reference: statista.com)
- In 2023, Ace Hardware had 4,994 stores in the United States, while Home Depot had over 2,000 locations.
- At the same time, the leading hardware and home improvement retailers were The Home Depot (2,002), Lowe’s Companies (1,746), and Menards (337).
Leading Home Improvement Retail Companies Statistics by Sales, 2024
Company’s Name | Market Capitalization (USD billion) |
The Home Depot, Inc. |
330.84 |
Lowe’s Companies, Inc. |
121.55 |
Wesfarmers Limited |
49.33 |
Floor & Decor Holdings, Inc. |
9.97 |
Kingfisher plc |
5.98 |
Home Product Center Public Company Ltd |
3.24 |
Siam Global House Public Company Ltd |
2.07 |
Hornbach Baumarkt AG |
1.74 |
Fiskars OYJ Abp |
1.44 |
Hornbach Holding AG & Co KGaA |
1.44 |
Sustainable Initiatives for Home Improvement Industry Statistics
- Industry professionals have reported an average operating cost reduction of 13.5% in the first year following green retrofit or renovation projects.
- In 2024, 45% of European consumers expressed interest in enhancing their homes’ sustainability.
- The global green building market expanded to USD 260 billion in 2013, with an estimated 20% of all new U.S. commercial real estate construction being green.
- Green retrofits in residential buildings have demonstrated potential annual savings of approximately 1,700 kg of CO₂ emissions per household.
- Global searches for “ethical online shopping” increased by 600% in 2020, highlighting a growing consumer preference for sustainable products in the home improvement sector.
- Leading home improvement retailers have been recognized for their efforts in promoting energy-efficient products and educating consumers.
- Implementing sustainable construction practices can significantly reduce construction waste, which accounts for 34.7% of all waste in Europe, thereby promoting environmental protection.
- Reports indicate that consumers are increasingly willing to invest in sustainable home improvements.
- Utilizing sustainable building materials, such as recycled metal and renewable plant materials.
Conclusion
The home improvement industry is growing continuously as homeowners are investing more in making their own spaces effectively functional, comfortable, and stylish. With the rising interest in eco-friendly materials, smart technology, and personalized designs, the market is evolving rapidly.
Companies that adapt to these trends and offer quality products or services have great opportunities to thrive. Whether it’s renovating kitchens, upgrading energy systems, or simply enhancing aesthetics, home improvement is a sector full of potential. It’s all about creating homes that truly feel like home.