The consequences of a global pandemic took their toll on many businesses across the nation and around the world. Some industries appeared to fare better than others. Home services are one such sector that has not only seemed to survive but, in some cases, thrived in the pandemic atmosphere. But what are the forecasts for home service franchises as we head into a recovery period? Are they a wise investment for those looking to get their franchise feet wet?
According to recent statistics, home services is a $506 billion-plus dollar industry, equalling the combined exports total of the United Kingdom and Canada. The total estimated in-home emergency spending is around $23.3 billion; home maintenance spending is about $61.9 billion; renovation and home improvement are the top $420 billion. The home services market also employs approximately five million people in the United States, covering the trade industry around 3% of the total workforce. About 16 jobs per second are gained in America. Forecasts show no end in sight, and rapid growth is predicted over the next ten years.(more…)