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Nov 25, 2020 (Market Insight Reports) —
The U.S. home remodeling market size is expected to exceed more than US$ 507.5 Billion by 2026; Growing at a CAGR of more than 4.5% in the given forecast period 2020 to 2026.

Over the years, the U.S. has observed tremendous economic growth owing to the measures taken to enhance industrialization in the region. A rise in the ability of the consumers to spend on advanced products and services has led to consequent developments in the regional real estate industry.

Growing awareness among the people regarding the need to conserve the environment has magnified the requirement for energy-efficient homes. The government has also encouraged the use of sustainable products to ensure reduced carbon emission levels. Strategic collaborations established between the government bodies and utilities have implemented various programs like residential retrofit, appliance recycling and residential weatherization among various others.

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Discussed below are some of the integral factors supporting growth of U.S. home remodeling market share over the next few years.

  1. Continuous urbanization in the U.S.

Constantly changing demands of the consumers over the past several years towards advanced textures, streamlined designs, and materials primarily due to the popularity of farmhouse and mid-century designs has driven kitchen improvement and additions in U.S. remodeling market. The increasing demand for ceramic tiles due to their glazed protective layer on the surface making them impervious to stain penetration and water damage has supported the demand for hardwood floorings in the country.

Moreover, the increasing popularity of several bathroom remodeling fittings like floating vanities, rounded rectangle vanity mirrors, and console sink vanities have magnified the professional remodeling industry.

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  1. Demand for energy-efficient homes

The U.S. Department of Energy has developed a national rating system called the Home Energy Score which reflects the efficiency of energy of a home on the basis of its structure, heating, and cooling systems, and the hot water technique. The Home Facts under the score provides details about the current structure and system and provides recommendations as to how to enhance the energy-efficiency of the house and achieve a higher score and save cost on electricity.

Shifting preference of homeowners in the U.S. for energy-efficient solutions in terms of construction material, electrical wiring, and deployment of electrical appliances has led to the emergence of green buildings in the country. As per reports, in Illinois, there are more than 172 LEED-certified green buildings, and the number is expected to increase with the growing awareness among the people regarding the need to adopt sustainable solutions.

  1. Measures undertaken by the market players

Another integral factor impacting U.S. home remodeling industry is the wide penetration of market players due to the growing demand for customized and advanced home remodeling solutions, as the demand of the people for luxurious living spaces has surged. Some of the key providers of remodeling solutions include ABC Supply, Kohler Co., Ferguson Enterprises, Beacon Roofing Supply, and US LBM, among various others.

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Wholesalers play an important role in the distribution of home improvement products at a cost-effective price. ABC Supply, one of the leading wholesale distributors of home improvement products across the U.S. launched a new location in Massachusetts to offer products to the customers and meet their needs. The firm has a wide product portfolio which includes windows, roofing, siding, decking, and railing products. Moreover, they also offer value-added services for contractors through various programs and platforms.

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