The Home Improvement Industry

Home improvement is the renovation and remodeling of homes, including repair of damage to the existing structure of the house and the addition of new rooms or features. It also encompasses maintenance work on landscaping, garden, driveway and patio areas. The Home improvement industry includes the sale of building materials, fixtures and appliances for these projects. It also includes the provision of services by contractors and tradespeople.

The growth of the industry was spurred by television shows such as Bob Vila’s This Old House and others that showed step-by-step renovations and provided do-it-yourself (DIY) advice. Nostalgia for older, more traditional style homes also contributed to the popularity of home improvements. Manufacturers capitalized on this by offering products such as fake molding and columns to “historicalize” suburban houses.

In 2022, homeowners spent more on home improvement than ever before, according to the National Association of Realtors. During the COVID-19 pandemic, a majority of home improvement spending was done by homeowners who were 55 or older. They were motivated by a desire to improve the look and feel of their home, make it more livable and more functional, or increase its resale value.

When choosing contractors, homeowners should always verify that the company is licensed and insured. It is also a good idea to ask for references, as well as perform a background check and credit check. In some states, workers in the home improvement industry must be licensed in order to charge sales tax. However, if the company is a corporation and one of its officers holds a contractor’s license, they may be exempt from this requirement.

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