Building and renovating homes involves general contractors and subcontractors who build new homes and remodel existing homes. Home renovation projects also encompass the remodeling of external structures such as gardens, garages, and lawns. The total U.S.
amounted to 566 billion U.S. dollars in 2022. Homeowners undertake home improvement to make residential properties more comfortable, upgrade air conditioning and heating systems, waterproof roofs and basements, soundproof rooms, and to extend their homes and boost energy savings.
Leading retailers
In 2023,
home center stores in the United States generated revenues that amounted to over 338 billion U.S. dollars, a slight decrease from the year before. The leading home improvement chain is
The Home Depot, which generated 152.7 billion U.S. dollars in sales in 2023.
Lowe’s came in second with about 86 billion dollars in sales. When it comes to
store count, however, Ace Hardware had over twice the number of stores of The Home Depot and Lowe’s combined. The top home improvement store chain in the United States by
customer satisfaction rate was Menards, with a customer satisfaction rating of 678 (based on a 1,000 point scale) in 2024.
The future of home improvement
Some of the
more frequent home improvement projects among U.S. homeowners are interior room remodels and home system upgrades. As technology becomes more accessible and reliable, more homeowners opt for smart home additions – integrated and interconnected devices that automate various functions around the home. In 2023,
smart thermostats were named among some of the most popular home improvement products. One of the
most well-known smart home brands is Samsung, which carries technology that can digitally control lighting, temperature, and larger appliances. In 2022, about 13 percent of households in the United States shared that they
own large smart appliances, such as refrigerators and washing machines.
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