The paint industry jumped from 17bn to 43bn in only 1 year
The 30-year fixed rate mortgage is the most common type of loan for home purchases in the United States. Mortgages finance most property purchases, meaning that the cost of borrowing affects consumers' likelihood to invest in new properties, which will result in higher demand for paint services. Higher interest rates inhibit the ability of individuals to purchase houses and weakens demand for industry services. The 30-year conventional mortgage rate is expected to increase sharply in 2018, posing a potential threat to the industry.
The residential construction sector accounts for the majority of industry revenue. As a result, the number of housing starts plays a big role in dictating the pace of the industry. As more houses are built, demand for painting services from a painting and decorating company increases. Housing starts are expected to grow strongly in 2018, presenting a potential opportunity for the industry.
As Google Trends tells us the search phrase, "painters near me" is being searched for more and more each year. This drives up the competitors rates causing a domino effect.
New Jersey is in the top 10% when it comes to painting residential homes.
The costs for painting is going to cost more and more so the best time to paint is now.
If you need a free estimate please give us a call or click today.
609-222-4935