Demand for Home Improvement Projects Surges - Foundation Finance

Demand for Home Improvement Projects Surges

As demand for home improvement projects surges in 2019, contractors are able to be more selective about the jobs they take on. Most businesses would love the increase the amount of work they are able to accommodate but struggle to find talent to add to their team. Skilled labor – especially young talent, is difficult to find for many remodelers across the country. This imbalance makes it difficult for contractors to meet the current high demand for home improvement projects.

Homeowners Project Plans and Motivations

  • About 75% of homeowners are planning one or more projects in the next three months – the highest since 2012.
  • The top motivators for projects include repair, replacement, and routine maintenance.
  • The average homeowner plans to complete 4.3 projects in the next three months.
  • The top projects include kitchens, windows, driveways, exterior paint, and roofs.
  • Due to older homes, the Northeast claims the nation’s highest percentage of project planners.

While not only demand but building costs are higher than ever, the landscape remains a healthy one for builders and remodelers if they can outfit their teams with skilled labor they can depend on for the long term.

Offering your customers financing can move projects through your pipeline faster as they don’t need to source funds to pay for the project – allowing you to take on more work and build your bottom line.

Read more here.

Note: Use of the terms "Loan," "Lender" and "Borrower" is for ease of reference only. Financings are in the form of retail installment contracts ("RIC").

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