Neighborly did $3.7 billion in sales last year and expects high-single-digit or double-digit percentage sales growth this year, according to Bidwell. The company has 5,000 franchises and serves more than 2 million homes just in the U.S. each year, in addition to the five other countries it is in worldwide.
Bidwell said the last couple of years have been “extraordinary” for the home services and renovation market. Nationally, the Joint Center for Housing Studies of Harvard University reported double-digit annual percent increases in home improvement and repair activity in each quarter from fourth-quarter 2020 to the end of 2022.
Harvard researchers expect home improvement activity to slow its rapid growth this year as home sales, home price appreciation and mortgage refinancing activity decrease and because of consumer concerns about a recession. “Our categories held up particularly well in all prior recessions,” he said. “If your plumbing backs up or your air conditioner quits, you’re going to get it fixed.”
Source: News Formal (newsformal.com)
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