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Home Service Businesses in the US (2)
Key Takeaways
- Home service businesses employ approximately 5 million professionals as at 2020 and 5.8 million as at 2021.
- According to HomeAdvisor, the home service sub-sector has grown by $195 billion ($595-400 billion) in the last 5 years which represents 48.75% growth.
- Other market researchers estimate the home services sub-sector to have doubled in market size in the last five to ten years.
Introduction
The research team has provided estimates for the number of people employed by home service businesses, growth of the home service sub-sector in the past 5 years and the past 10 years. In determining the growth of the home service sub-sector, the research team calculated the growth of home service by market size based on the market size difference in 2016 and 2021. Additionally, the research team has included the market size forecast to 2026. The research team leveraged on available information from market researchers in this industry to present the most credible and comprehensive statistics. Notably, data specific to the growth of the home services sub-sector in the past ten years is extremely limited in the public domain.
Estimated number of people employed by home service businesses in the United States
- Home Service employees constitutes more than 3% of the total U.S. workforce with estimated 5 million service professionals as at 2020 and 5.8 million as at 2021.
- It supports approximately 5 million direct individual jobs and 732,000 indirect jobs as at 2020.
- Approximately 511,345,000 home service tasks are completed each year as at 2020 and 728 milllion are completed per year as at 2021.
- Bureau of Labor Statistics forecasts that the average growth in demand for these professionals is 9% between 2020 and 2028.
Growth of the home service sub-sector in the past 5 years and the past 10 years
- In 2014, the home service sub-sector was estimated at 255.5 million in revenue broken down as follows: flooring $19.5 billion, plumbing/HVAC $174 billion, landscaping $50 billion and, moving and storage $12 billion.
- According to HomeAdvisor, home services industry was estimated at $400 billion in 2016.
- Verified Market Research estimates the home services market at $105.55 billion in 2018 and is projected to reach $219.07 Billion by 2026 (Compounded Annual Growth Rate of 35.8% from 2019 to 2026).
- A HomeAdvisor report estimates the home service market at $506 billion as at 2020 and $595 billion at the beginning of 2021. The market size in 2021 is 17% larger than the estimate for 2020.
- Going by HomeAdvisor estimates, the home service sub-sector has grown by $195 billion ($595-400 billion) in the last 5 years which represents 48.75% growth.
- Going by other market researchers, the home services industry has doubled in the past 5 to 10 years.
Research Strategy
An exhaustive search confirmed that the data specific to the growth of the home services sub-sector in the past ten years is extremely limited in the public domain. The research team leveraged on publicly available data from market researchers in the home service industry to present the number of people employed by the home-service businesses and triangulate estimates for the growth of the home-service sub-sector in the past 5 years and the past 10 years.