{"id":26139,"date":"2022-01-20T16:20:36","date_gmt":"2022-01-20T22:20:36","guid":{"rendered":"https:\/\/restorationmasterfinder.com\/lead-gen\/?p=26139"},"modified":"2022-04-03T12:29:10","modified_gmt":"2022-04-03T17:29:10","slug":"remodeling-contractor-market-trends","status":"publish","type":"post","link":"https:\/\/restorationmasterfinder.com\/lead-gen\/remodeling-contractor-market-trends\/","title":{"rendered":"Remodeling Contractor Market Trends in 2022"},"content":{"rendered":"

The COVID-19 pandemic has affected almost every major industry in different ways.\u00a0 For remodeling contractors, the pandemic has led to a boom in business that is expected to continue into 2022.<\/p>\n

\"businessThere was a significant increase in the number of remodeling projects done in 2020 and 2021 as homeowners have spent much of their time at home and have used this time to invest in improving their homes.\u00a0 People are deciding to go through with projects that they have been putting off such as kitchen remodels, and many have decided to remodel their homes because their home is now their gym, office, and entertainment venue.<\/p>\n

Many expect the growth in the remodeling industry to continue through 2022 which is great news for remodeling contractors.\u00a0 While the trends in the remodeling industry are mostly looking up, there are a couple of trends that could cause trouble for some contractors including the shortage of labor and materials.<\/p>\n

In this guide, we will discuss the remodeling market trends for 2022 including the expectations for growth and predictions of how the industry will change to accommodate the increase in demand.\u00a0<\/strong> Remodeling contractors who understand the new trends will be better positioned to keep riding the wave of increased business brought on by the COVID-19 pandemic.\u00a0 Contractors can also further grow their business by working with a lead generation<\/a> service provider to help get more high-quality leads.<\/p>\n

Continued Growth in Remodeling Industry<\/h2>\n

The Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University recently released the Leading Indicator of Remodeling Activity (LIRA) report which states that strong growth is expected to continue through 2022 when it comes to expenditures in home improvement and maintenance.<\/p>\n

According to the LIRA, expenditures in home improvement and repair could reach $400 billion by the third quarter of 2022.\u00a0 However, the LIRA also warns that the growth may be slowed due to increasing interest rates and high costs of labor and materials.\u00a0 There is still much reason for optimism as the current strong housing market and house price appreciation will continue to benefit the remodeling industry by increasing the demand for remodeling projects.<\/p>\n

Expected Remodeling Market Trends in 2022<\/h2>\n

The best way to take advantage of the growth in the remodeling industry is to understand the expected trends and incorporate them into your services and marketing plan.\u00a0 The following are the top trends expected in 2022 that remodeling contractors must be aware of:<\/p>\n

High Quality Digital Renderings<\/h3>\n

\"HighDigital renderings of remodeling projects have grown in popularity as they are convenient for the remodeler and customer and cut down on the need for in-person visits during the pandemic.\u00a0 High-quality digital renderings allow contractors to give accurate project estimates without visiting the site and allow customers to view different options before making a decision.\u00a0<\/strong><\/p>\n

Remodeling contractors<\/a> should consider using software that allows them to show their customers digital renderings of their project.\u00a0 This will help keep your employees safe by limiting in person visits and help your customers see what their project will look like and make decisions based on their preferences and budget.<\/p>\n

Increased Spending from Millennials<\/h3>\n

Millennial homeowners are expected to be among the top contributors to the growth of remodeling in 2022.\u00a0 Homeowners of this generation typically stuck to DIY home improvement projects, but they are now starting to reach out to professional contractors for home remodeling.\u00a0 One reason millennials are more interested in professional home remodeling is because they are inspired by ideas that they see on social media that are beyond what they can handle as a DIY project.\u00a0 Millennial homeowners are also realizing that professional remodeling is a wiser investment of their time and money as DIY projects take a lot of time and may end up costing them more money over time.<\/p>\n

Contractors can benefit from the increase in spending on home improvement<\/a> and remodeling projects by marketing to millennial homeowners.\u00a0<\/strong> Millennials are a tech savvy generation so remodelers should make sure they have a strong web presence in the search engine results pages and on social media.\u00a0 Building brand awareness and trust on social media is a highly effective way to reach millennial homeowners.<\/p>\n

Importance of CRM Software<\/h3>\n

\"marketingAs contractors take on more projects, it is important for them to be able to manage these projects efficiently to help limit costs and cut down on lead times.\u00a0 An effective way to manage tasks and keep projects in order is to use customer relations management (CRM) software.\u00a0 With a good CRM program<\/a>, you can easily manage tasks such as client tracking, contract management, quotes and proposals, project management, sales pipeline management, and scheduling.\u00a0 You can also use this software to automate emails to clients to remind them about appointments and deadlines.<\/p>\n

If you expect your business to grow in 2022, it is worth it to invest in CRM software to help keep track of the details of your projects and leads.<\/strong><\/p>\n

Wellness and Sustainability<\/h3>\n

There has been an increase of interest in designs that promote wellness and sustainability, especially among millennial homeowners.\u00a0 According to Zillow, wellness features such as steam ovens, hot tubs, touchless toilets, Zen gardens, and smart features increased the prices that homes sold for in 2020.<\/p>\n

Remodeling contractors can expect an increase in demand for remodeling projects focused on wellness and sustainability including energy efficiency, smart home technology, and sustainable building materials.\u00a0<\/strong> Be prepared to accommodate these demands by offering sustainable building materials like recycled steel and glass and bamboo flooring as well as smart technology including lighting, security, and home automation.\u00a0 You should also include the concepts of wellness and sustainability in your marketing messaging to appeal to homeowners who value these ideas.<\/p>\n

Challenges Caused by Growth in Remodeling<\/h2>\n

\"RMFWhile the growth in the remodeling industry is largely beneficial for contractors, this growth has presented several challenges.\u00a0 The increase in demand for professional home improvement and remodeling has created a shortage of labor and materials that have led to longer lead times.\u00a0 It is important for contractors to understand these challenges so they can minimize the effects these challenges will have on their growth.<\/strong><\/p>\n