How Big is the Industry?
N-Hance is capturing a significant share of the booming home remodeling industry
The demand for affordable wood refinishing is booming — and going to continue to grow for years to come. According to The Atlantic, there are roughly 135 million homes in America, which means that there are a lot of homes with hardwood surfaces and cabinets. The recovering economy has placed Americans in a position where they have money to devote to making improvements to not only their investment, but to the places they share with their loved ones. In 2019, the Joint Center for Housing Studies at Harvard University reported that Americans will spend $450 billion dollars in home remodeling in 2019. The outlook for the future is very strong as well.
“Remodeling spending generated 2.2% of national economic activity in 2017, and made a 6.5% annual jump from 2016 to 2017,” the Joint Centers reports in a news release. “Also, homeowners are spending more on improvements caused by disasters. Across the country, such expenditures totaled $14 billion in 2017, more than double the $5.9 billion spent in 1999.”
N-Hance is unique to the home restoration industry. After making significant investments in research, we’ve developed an extensive proprietary product line that we’ve continued to advance for the past decade, and our patented technology is revolutionizing the wood refinishing segment. Our powerful Lightspeed® U.V. curing technology shortens the refinishing process and produces less dust, mess and odor than traditional methods, making it ideal for homes and businesses, as our unprecedented growth demonstrates.
“In the past four years, we’ve more than doubled the size of our franchise network, and we’ve more than established ourselves as the industry leader in wood refinishing services,” says Kelly Jensen, President of N-Hance. “The value that we provide to our customers in terms of having an affordable and professional solution to refinishing their wood surfaces and cabinets, our nationwide brand recognition, and our presence in Home Depot stores across America, as well as the booming home remodeling industry, mean that our growth is going to continue well into the future. We expect to double the size of our system again in the coming years.”
The home remodeling market is booming
The rising popularity of hit programs on HGTV may spark the imaginations of American home and property owners, but nothing is as effective for reinvesting in homes and properties than a good economy.
The Joint Center for Housing Studies at Harvard University recently reported in their annual analysis of the American home remodeling industry that spending levels are rising and will continue to rise for years to come.
“When the Great Recession hit, a surge in rental housing demand sparked a boom in multifamily construction,” the JCHSHU reports. “Owners of existing rental properties responded to the growing demand for updated but more affordable units by investing in significant upgrades to their buildings, lifting the rental share of residential improvement and repair spending from about 20% in 2007 to over 30% in 2016 and 2017.”
The upshot is that there are plenty of wood surfaces out there to be restored, and Americans finally have the means and interest to reinvest into their homes. N-Hance is in a perfect position to take advantage of the huge market. A top-ranked franchise system with professional, trained technicians, excellent customer service and a main office that keeps its franchise owners trained and stocked with equipment and supplies that lead the industry can easily outpace an independent vendor trying to do business out of a van.