Press release
Total Addressable Market for Home Services Grows to $657B According to New Report from Angi
Report estimates total of 665 million household projects for 2022, Supported by approximately 6.1 Million Home Service ProsThe growth rate of 10.9% from 2021
About this update from Angi Inc.
[{"type":"text","content":"Report estimates total of 665 million household projects for 2022, Supported by approximately 6.1 Million Home Service ProsThe growth rate of 10.9% from 2021 is double the 5.7% increase in real GDP the economy experiencedMarket Growth Rate and Total Projects Represents a Return to More Normal Growth and an Exit from Pandemic Era Surge Demand DENVER, July 14, 2022 (GLOBE NEWSWIRE) -- Today, Angi (NASDAQ: ANGI), a leading and comprehensive solution for everything home, released its updated The Economy of Everything Home Report, which includes the most comprehensive and up-to-date estimate of the total addressable market (TAM) for home services in the U.S. This report, compiled by Angi’s Chief Economist Mischa Fisher, estimates a TAM of $657 billion representing over 10% growth this year. “2022 is a transitional year for the home service market,” said Mischa Fisher, Chief Economist, Angi. “The Total Addressable Market (TAM) grew by an additional $62 billion, reaching a new high of $657 billion; however, the rate of growth slowed down from 18% last year to 10% this year. The explosive growth rate we saw last year as massive portions of consumer spending shifted to the home during the global pandemic has begun to taper off. This return to market normalcy is expected and ultimately is a good thing for both homeowners and home service providers as more normalized supply and demand means that homeowners can more easily find more pros to take on their projects.” Key insights from the report include: The home services total addressable market stands at $657 billion representing: Home improvement: $475B and 152.5 million projectsHome maintenance: $105.9B and 419.7 million projectsHome emergency repair: $76.4B and 93.5 million projects The size of the market in total project volume is 665.6 million projects completed annually, with year-over-year increases in both improvement projects and emergency projectsThere are over 6 million home service pros working for approximately 2.5 million businessesThe total housing stock is continuing to rise to a total of 143 million housing units, including 93.5 million single family homes, which remain Americans' most popular way to live. The average age of the housing stock continues to rise, to an average of 47 yearsHome equity gains coupled with rising interest rates will increase the competitive positi...