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 2017, the Joint Center for Housing Studies at Harvard University reported in its annual analysis of the restoration industry that spending levels are expected to keep climbing in 2017 and well into the future.
“The residential remodeling market includes spending on improvements and repairs by both homeowners and rental property owners and reached an all-time high of $340 billion in 2015, surpassing the prior peak in 2007,” the Joint Centers reports in a news release. “Spending by owners on improvements is expected to increase 2.0 percent per year on average through 2025 after adjusting for inflation, just below the pace of growth posted over the past two decades, and about on par with expected growth in the broader economy.”
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 Dan Tarantin, CEO 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.
“Rising house prices and incomes, an aging housing stock, and a pickup in household growth are all contributing to today’s strong home improvement market,” the JCHSHU reports in its study. “Market spending continued to climb in 2016, up an estimated 6 percent to $361 billion. With national house prices back to pre-recession levels and both household incomes and existing home sales on the rise, further growth is anticipated for 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.