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This question is about home improvement industry statistics.
Is the home improvement industry growing?
Yes, the home improvement industry is growing. Even just from the number of remodeling businesses in the U.S., it's evident the industry is growing rapidly, as the number of these businesses has increased by an average of 3.8% each year from 2017 to 2022.
The U.S. also saw home improvement sales reached $538 billion in 2021, and this number is expected to reach $620 billion by 2025.
All of this growth is reflected in the fact that the U.S. home improvement industry as a whole grew by more than $90 billion from 2019 to 2020, and it's expected to continue to grow.
This isn't limited to just the U.S. either, as experts estimate the global home improvement industry will grow by a CAGR of 4% from 2020 to 2027, which means it will likely go from a value of $763 billion in 2020 to nearly $1 trillion by 2027.
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