U.S. Residential Remodeling Market Size Worth $754.75 Million By 2032 | CAGR: 4.3%

The U.S. Residential Remodeling market size is expected to reach USD 754.75 million by 2032, according to a new study by Polaris Market Research. The report “U.S. Residential Remodeling Market Share, Size, Trends, Industry Analysis Report, By End-Use (Residential Trade, Residential Showroom, and B2C); By Distribution Channel; By Project Types; By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Rising disposable income of people in the US as well as due to shifting homeowner preferences, there has been an increase in demand for aesthetically beautiful home exteriors and interiors in recent years. This has resulted in shifting trends in the materials and products utilized for residential construction and interior design, that has risen the demand for residential remodeling products which is propelling the market growth over the forecast period.

The potential presented by modern living standards is for the building and construction sector to meet the increasing demand from consumers. The state's increased building expenditures and expanding construction industry are a direct effect of rising disposable income.

• For instance, as per the analysis conducted by the U.S. Bureau of Economic Analysis, the Federal Reserve Bank of St. Louis reports that the state's per capita personal income climbed from USD 56,063 in 2022 to 61,047 in 2023. According to the data, there has been a significant increase in income levels, which has raised living standards and increased demand for residential renovation in the US.

However, home renovation spending usually declines in recessions, but the COVID-19 recession turned out to be a unique event. One important factor is that lower-wage workers, those who were less likely to own homes, were more severely impacted by the epidemic in its early phases. Besides., higher-income homeowners were spared the same degree of job losses and pay cuts, but they did profit from lower spending on items like dining out and vacation, which freed up money for other needs.

Many of these homeowners were ready to establish home gyms, workplaces, and backyard oasis with pools, rooftops, and outdoor kitchens since they had been spending a greater amount of time at home. Therefore, this factor has increased the demand for residential remodeling which has created the US residential remodeling growth opportunities.

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Although, the US residential remodeling market's expansion is being attributed to increased inspection by regulators in the US. This is due to there are questions about how renovations and refurbishments may affect the structure of residential buildings. Rules and laws make sure the structure can endure the modifications that the occupants intend to make.

Governments and regulatory agencies around the nation are enforcing safety standards for residential renovation to decrease worries about construction and improve home safety. There aren't many direct service alternatives available that can replace home remodeling. Nevertheless, a number of methods, including paints and varnishes, modernizing and upgrading hardware, and adding premium trim or crown molding, can produce results that are comparable to remolding a structure.

U.S. Residential Remodeling Market Report Highlights

• Residential showroom segment is anticipated to grow at the highest CAGR owing to its benefits such as consumers have right to observe and inspect.
• DIY sector is expected to hold a significant market share owing to the rising concerns for renovation in home with low cost and energy efficient projects.
• Key players include Andersen Corporation, ATI Restoration, Dahua Technology, Signify Holding, and GREAT DAY IMPROVEMENTS

Polaris Market Research has segmented the U.S. Residential Remodeling market report based on end-use, distribution channel, project types, application, and region:

U.S. Residential Remodeling, End-Use Outlook (Revenue - USD Million, 2019 - 2032)

• Residential Trade
• Residential Showroom
• B2C

U.S. Residential Remodeling, Distribution Channel Outlook (Revenue - USD Million, 2019 - 2032)

• Direct selling online
• Direct selling to the consumer
• Wholesale to retailer
• Wholesale to consumer
• Wholesalers selling online

U.S. Residential Remodeling, Project Types Outlook (Revenue - USD Million, 2019 - 2032)

• DIY
• DIFM

U.S. Residential Remodeling, Application Outlook (Revenue - USD Million, 2019 - 2032)

• Flooring
• Walls
• Ceilings
• Porch, Garden and Garage
• System & Equipment
• Disaster Repair
• Others

U.S. Residential Remodeling, Region Outlook (Revenue - USD Million, 2019 - 2032)

• Texas
• California
• Illinois
• Ohio
• Florida
• Others

U.S. Residential Remodeling Market Report Scope