The handyman industry is experiencing significant growth and changes, presenting unique opportunities for home service professionals. In this post, we'll explore some fascinating statistics and trends shaping the industry in 2024, as reported by Gitnux.
Market Composition and Demand
Did you know that approximately 80% of American households require the services of a handyman at least once a year? This high demand is driven by the fact that the handyman industry is primarily residential, with 80% of the market, while the remaining 20% is commercial.
Pricing and Project Size
Interestingly, 50% of handyman service requests are for small projects of $200 or less, according to a Home Advisor survey. This highlights the importance of offering a range of services and being prepared to tackle both small and large projects.
Business Ownership and Challenges
Nearly 67% of handyman businesses are independently owned, showcasing the entrepreneurial spirit within the industry. However, about 80% of handymen say acquiring new customers is their biggest challenge, emphasizing the need for effective marketing strategies.
Technology Adoption
In an increasingly digital world, it's no surprise that 76% of handymen report using mobile apps to manage their businesses, and approximately 56% accept online payments. Embracing technology can help streamline operations and improve customer experiences.
Maintenance Backlog and Pandemic Impact
According to the American Housing Survey, 25% of homes built in the US have a maintenance backlog, indicating a high demand for handymen. Moreover, home improvement projects increased by 57% in 2020 due to the COVID-19 pandemic, further boosting the industry.
Average Salary and Hourly Rates
The average annual salary for a handyman in the United States is $42,930, as reported by the Bureau of Labor Statistics. Additionally, the average hourly rate for a handyman on Thumbtack is about $55 per hour, with the average cost of a handyman service call ranging between $60 and $90, as stated by HomeAdvisor.
Industry Size and Projected Growth
The US Census Bureau reports that there are more than 162,000 handyperson service businesses in the United States. The handyman industry generated over $7 billion in revenue in 2020, according to an IBISWorld report, and is expected to grow at a compound annual growth rate (CAGR) of 3% through 2025, as reported by Global Industry Analysts.
These handyman industry trends for 2024 demonstrate the vast potential for home service professionals to thrive in this growing market. By staying informed about market composition, pricing, technology adoption, and projected growth, handymen can effectively navigate the challenges and seize the opportunities presented by this dynamic industry.
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