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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.

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Remodeling a home’s kitchen is at the top of many homeowner’s wish lists. According to research conducted by Statistica, the most popular reason given by 37% of homeowners for why they are finally embarking on this type of renovation is having the funds to do so, according to research conducted by Statistica. But this is not an inexpensive update. Houzz.com reported that the median amount homeowners spent in 2020 remained stable at $35,000.

With home improvement booming in general in 2020—spending grew by nearly 3% to $420 billion in 2020, per a recent study by Harvard University's Joint Center for Housing Studies (JCHS)—the time is now to get in on this lucrative franchise opportunity. Especially since researchers involved in that study expect the numbers to climb an additional 4% in 2021.

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