Hammering away: Rising home values and greater spending continue to drive strong growth

Operators in the Remodeling industry in New Jersey remodel and renovate the interiors and exteriors of residential buildings. Remodeling includes additions, alterations, reconstruction, maintenance and repair work. Over the five years to 2018, the industry has expanded in response to rising per capita disposable income levels, which grew at an annualized rate of 2.2% during the period. With housing prices rising at an annualized rate of 5.5% during the five-year period, consumers have increasingly used their homes as investment vehicles for their newfound cash flow. Private spending on home improvements rose at an annualized rate of 5.6% during the same period. New Jersey industry revenue is expected to increase at an annualized rate of 3.7% to $3.1...purchase to read more.

Industry Statistics & Market Size
Revenue
$3bn
Annual Growth 13-18
3.7%
Forecast Growth 18-23
Profit
Employment
22,982
Businesses
15,200

Industry Threats & Opportunities

  • The industry has expanded in response to increased levels of per capita disposable income
  • Industry Report - Industry Locations Chapter

    The Remodeling industry in New Jersey is distributed relatively evenly throughout the state, with the highest concentration of establishments located in the Shore, Metro and Northwest regions. The concentration of industry establishments follows the state's housing trends, not its population trends. The Shore region, which principally contains beach towns, and thus many detached single family homes, accounts for 22.6% of industry establishments while home to only 18.0% of the state's population. Conversely, the Metro region, which accounts for 22.2% of the state's population, contains 18.4% of establishments. This is mainly attributed to the region's housing environment, which is heavily saturated with apartment buildings and high-rises...purchase to read more.

    Additional Insights for the Remodeling in New Jersey Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Remodeling in New Jersey Industry are

  • Having a high prior success rate (including completed prior contracts)
  • Access to multiskilled and flexible workforce
  • Effective cost controls
  • IBISWorld analysts also discuss how external factors such as Private spending on home improvements and House price index in the Remodeling in New Jersey industry impact industry performance..

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    What's in this report

    What is the Remodeling in New Jersey Industry?

    Operators in this industry remodel and renovate the interiors and exteriors of residential buildings (i.e. single-family homes and multifamily apartment building units). Remodeling includes additions, alterations, reconstruction, maintenance and repair work. This industry is composed of general contractors, operative remodelers, remodeling design-build companies and remodeling project construction management companies. This industry does not include commercial remodeling.

    Industry Products
  • Room additions and interior alterations
  • Outside additions and attachments
  • Systems and equipment
  • Kitchen and bathroom remodeling
  • Disaster repair
  • Industry Activities
  • Residential additions, alterations and renovations
  • Construction management for residential remodeling
  • Fire and flood restoration
  • Home improvement
  • Porch construction
  • Sunroom additions
  • Kitchen and bathroom upgrades
  • Other remodeling projects
  • Similar Industries
  • Home Builders
  • Apartment & Condominium Construction
  • Industrial Building Construction
  • Drywall & Insulation Installers
  • Roofing Contractors
  • Residential Building Construction in California
  • Home Builders in Illinois
  • Apartment & Condominium Construction in Illinois
  • Remodeling in Illinois
  • Home Builders in Texas
  • Home Builders in Florida
  • Apartment & Condominium Construction in Florida
  • Remodeling in Florida
  • Home Builders in Massachusetts
  • Apartment & Condominium Construction in Massachusetts
  • Remodeling in Massachusetts
  • Home Builders in Ohio
  • Remodeling in Ohio
  • Apartment & Condominium Construction in Ohio
  • Home Builders in Pennsylvania
  • Apartment & Condominium Construction in Pennsylvania
  • Remodeling in Pennsylvania
  • Home Builders in New Jersey
  • Apartment & Condominium Construction in New Jersey
  • Home Builders in Georgia
  • Apartment & Condominium Construction in Georgia
  • Remodeling in Georgia
  • Home Builders in Michigan
  • Apartment & Condominium Construction in Michigan
  • Remodeling in Michigan
  • Home Builders in Wisconsin
  • Apartment & Condominium Construction in Wisconsin
  • Remodeling in Wisconsin
  • Home Builders in Washington
  • Apartment & Condominium Construction in Washington
  • Remodeling in Washington
  • Home Builders in Virginia
  • Apartment & Condominium Construction in Virginia
  • Remodeling in Virginia
  • Home Builders in Tennessee
  • Apartment & Condominium Construction in Tennessee
  • Remodeling in Tennessee
  • Home Builders in Missouri
  • Apartment & Condominium Construction in Missouri
  • Remodeling in Missouri
  • Home Builders in North Carolina
  • Apartment & Condominium Construction in North Carolina
  • Remodeling in North Carolina
  • Home Builders in Minnesota
  • Apartment & Condominium Construction in Minnesota
  • Remodeling in Minnesota
  • Home Builders in Maryland
  • Apartment & Condominium Construction in Maryland
  • Remodeling in Maryland
  • Home Builders in Colorado
  • Apartment & Condominium Construction in Colorado
  • Remodeling in Colorado
  • Apartment & Condominium Construction in New York
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Private spending on home improvements
  • House price index
  • Households earning more than $100,000
  • Homeownership rate
  • Per Capita Disposable Income in New Jersey
  • Prime rate

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Remodeling in New Jersey Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Apartment Rental
  • Educational Services
  • Public Administration
  • Consumers

  • Key Selling Industries
  • Cement Manufacturing
  • Clay Brick & Product Manufacturing
  • Construction
  • Lumber Wholesaling
  • Ready-Mix Concrete Manufacturing
  • Roofing, Siding & Insulation Wholesaling
  • Sawmills & Wood Production
  • Stone, Concrete & Clay Wholesaling

  • Products & Services
  • Outside additions and attachments
  • Kitchen and bathroom remodeling
  • Room additions and interior alterations
  • Systems and equipment
  • Other
  • Disaster repair
  • Chart: Remodeling in New Jersey Industry Products and Services Segmentation

  • Major Markets
  • Single-family houses (detached)
  • Apartment
  • Single-family houses (attached)
  • Other
  • Chart: Major Market Segmentation for the Remodeling in New Jersey Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Remodeling in New Jersey

  • Basis of Competition
    Barriers to Entry
    Belfor Holdings Inc., Castle Windows, Power Home Remodeling, Window World,
  • Table: Belfor Holdings Inc. - financial performance
  • Table: Castle Windows - financial performance
  • Table: Power Home Remodeling - financial performance
  • Table: Window World - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Remodeling in New Jersey Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Remodeling in New Jersey Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Private spending on home improvements (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    General Contractor
  • An individual or company that manages the construction of a building or structure for a property owner or developer. A GC may retain its own labor force or use subcontractors for projects.
  • Green Remodeling
  • Remodeling which increases a home's energy efficiency as well as reduces a building's impact on human health and the environment, through better design, construction, operation and maintenance.
  • Gypsum Wallboard
  • Also known as drywall, it is a panel used in interior construction to form a wall or ceiling.
  • Weatherization Assistance Program
  • Federal program to enable low-income families to reduce energy expenses by funding remodeling or repair projects to improve a home's energy efficiency
  • What Our Customers Say

    Why buy this report?

    The Remodeling in New Jersey industry market report contains strategic analysis of the key drivers influencing the industry. Save hours of time on research and prospecting using IBISWorld’s standardized, up-to-date reports on thousands of industries. Our industry research provides growth and profit forecasts for a five-year outlook period, presented in a clear and user-friendly format.

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    This report on Remodeling in New Jersey:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Remodeling in New Jersey market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Remodeling in New Jersey, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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