Projected U.S. Home Improvement Industry Revenue to Reach $400 Billion Annually
Palm Beach, FL – April 9, 2020 – The U.S. do-it-yourself (DIY) home improvement industry is projected to continue to show continued growth in the market over the next several years. Several studies, including HomeAdvisor have reported that it’s safe to say that the home improvement industry is in excess of $400 billion per year. A report from Statisa estimated that total U.S. home improvement expenditure amounted to about 394 billion U.S. dollars in 2018 and projected total home improvement sales in U.S. will reach $454.6 Billion in 2023. The report from HomeAdvisor said that: “Taking into consideration the current state of the industry, home improvement spending will likely continue to increase. Over the next three years, its growth rate could even start to exceed that of new home construction. The industry can expect to see more discretionary home improvement projects as well, along with more whole-room renovations – and that growth will be supported by a twin-engine-boost from the two largest generational groups: Millennials, as they enter into ownership, and Boomers, as they begin to need to make aging-in-place of modifications within their homes.” Active companies in the markets this week include ToughBuilt Industries, Inc. (NASDAQ: TBLT), The Home Depot, Inc. (NYSE: HD), Lowe’s Companies, Inc. (NYSE: LOW), Floor & Decor Holdings, Inc. (NYSE: FND), Builders FirstSource, Inc. (NASDAQ: BLDR).
A report from Mordor Intelligence report projecting from 2020 through 2025 states that: “The DIY home improvement market is expected to register a CAGR of 3% during the forecast period. DIY home improvement products that are used in building maintenance, plumbing, and other home improvement purposes are considered the target products of the market. DIY home improvement products and activities allow homeowners to execute tasks by themselves with the help of DIY home improvement tools, equipment, and appliances. The change in lifestyle has increased the interest in DIY interior designing. Moreover, in the developing regions, the growing population of working women and their participation in the decision-making process for home decoration are also boosting the sales of products required for such projects.
ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) BREAKING NEWS: TOUGHBUILT™ AWARDED OVER $22 MILLION IN NEW BUSINESS FROM LOWE’S – ToughBuilt Industries today announced that Lowe’s has awarded a portion of its soft sided tool storage business and all of the kneepad business to ToughBuilt, to be launched at their nationwide stores and online www.lowes.com for October 2020. There will be 30 SKUs and ongoing total annual forecast of $22.7 million dollars.
Lowe’s is a FORTUNE® 50 company and highly trusted purveyor in the $460 billion home improvement market with 2,200 locations across the United States and Canada. Lowe’s is one of the top home improvement centers in the world and opened its first location almost 100 years ago.
The categories that will be launched include new innovative bags, CLIPTECH™ pouches and a full line of knee protection products. Some of these products will be under the TOUGHBUILT® brand, and some will be under the highly recognized and regarded Lowe’s in-house brand KOBALT®. These new and exciting Kobalt and ToughBuilt products will join the existing and well-received line-up of tools and other accessories already for sale at Lowe’s stores nationwide and on their website.
Michael Panosian, Chief Executive Officer of ToughBuilt, commented, “We are honored for the opportunity of partnering with Lowe’s and to receive a portion of the soft sided tool storage and workwear kneepad business. With the launch of thirty products side by side with the well known Kobalt brand, this launch will enhance our brand awareness nationally and significantly broaden customers’ access to our high quality and pro trusted line of products. We are absolutely committed to building a best-in-class omni-channel experience and having these products at Lowe’s stores. I would like to take this opportunity to thank Lowe’s management and their dynamic buying team for all their guidance and support in putting this unique best in class program together.”
The agreement with Lowe’s will result in a rollout of products, estimated at $22,705,642 in sales for the first 12-months following the launch. The Kobalt-branded products include 12 items representing approximately $7.3 million in sales, and the ToughBuilt products include 18 items representing an estimated $15.3 million in sales.
Other recent developments in the markets this week include:
The Home Depot, Inc. (NYSE: HD) the world’s largest home improvement retailer, is hiring 80,000 associates this spring in preparation for its busiest season of the year. Over the next several months, jobseekers can apply for both full-time and part-time positions close to home, as 90 percent of the U.S. population lives within 10 miles of a Home Depot store.
Many of the part-time positions will be staffed in The Home Depot’s garden center, which gives associates a chance to work with their hands and help neighbors start spring projects. In addition to these positions, the company is hiring for overnight freight, merchandising and other customer service roles across store departments, as well as warehouse associates for its distribution centers. To help associates get up to speed quickly, the company provides innovative training programs and tools, including a gamified mobile app, e-learning, and on-the-job coaching.
Lowe’s Companies, Inc. (NYSE: LOW) Lowe’s invites do-it-yourselfers to join the company in creating expressions of gratitude to the frontline heroes working every day to support our communities during this challenging time. To participate, Lowe’s encourages those at home to create DIY thank you messages using objects that can already be found around the house – from holiday lights strung across the porch to painted banners. Together, we are turning do-it-yourself into a do-it-together moment of appreciation.
“We take great pride in being a business that enables the spirit of do-it-yourself, but as we navigate this pandemic together, we realize it has never been more important for us to also do-it-together, even if the definition of “together” has changed,” said Marisa Thalberg, Lowe’s executive vice president chief brand and marketing officer, who just began with the company last month. “Knowing many are looking for little constructive projects to do while at home, we hope to provide some extra DIY inspiration to channel that energy into messages of positivity and support. To the medical professionals, health care workers, our own more than 300,000 associates, and all essential retail workers, this is a way we can say thank you for all you are doing right now.”
Floor & Decor Holdings, Inc. (NYSE: FND) a leading specialty retailer of hard surface flooring, recently continues to operate its flooranddecor.com website, its ProPremier professional app and call center, which allow customers the opportunity to shop and purchase outside of the physical store environment with the convenience of same-day pickup and various delivery options. In an effort to help customers keep their projects on track, the Company will be offering free virtual design appointments starting next week. In addition, previously purchased products in storage can continue to be picked up at the store.
Builders FirstSource, Inc. (NASDAQ: BLDR) recently said that its Builders FirstSource locations remain open and operational except in the few states or counties where construction activities have been prohibited. As an essential supplier of diversified products and services to builders and contractors, we have strictly adhered to the recommendations and guidelines promoted by the Centers for Disease Control and Prevention (CDC) and local community health departments where we operate.
In recent months, we have proactively implemented business continuity measures across our network and believe we are well prepared to manage our business through this crisis. That begins with our commitment to supporting customers while protecting the health and welfare of all team members, channel partners and the communities where we operate. General safeguards, amongst many, include enhanced location cleaning processes, remote working accommodations, suspended group activities, air travel restrictions, and promoting social distancing practices. We are also using technology where possible to facilitate customer orders and other interactions to further reduce direct contact between employees. A dedicated team of executives is in place to monitor daily best practices, ensure safety and implement swift action as needed.
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