Despite the current state of the housing market and uncertain condition of the U.S. economy, the remodeling industry continues to experience growth. In honor of National Remodeling Month, it’s only fitting to look around the corner to the future trends of the building products and remodeling industry.
As modern-day remodelers seek to increase their bottom lines, and consumers look to realize meaningful returns on their remodeling investment via their homes’ resale values, the building products marketplace is turning increasingly to dual-home office spaces.
Rise in home-based businesses
Home-based businesses have been climbing since the advent of the Internet. In fact, U.S. home-based sole proprietors generated $102 billion in annual revenue, according to a May 2006 study released by the SB’s Office of Advocacy.
There were 13.8 million income-generating home-based businesses operating in the year 2005, with 9.7 million accounting for the primary household income and 4.2 million for part-time income. (Entrepreneur.com) And these numbers will only increase with time…
Adverse economic factors
We’ve all heard the reports about the lack of job security (Bear Sterns traders, are you listening?), rising gas prices, escalating grocery bills, elevated need for single family two-parent income…the list goes on and on.
With the proliferation of advanced technology, increasing numbers of companies allowing their employees to telecommute a few days per week, flexible convenient work atmosphere, in addition to the heightened positive reputation and profitability of today’s home-based businesses-dual-home office spaces will soon become mainstream. And speaking of job security, the typical home-based business has been in operation for an average of 10.7 years. (Entrepreneur.com)
Couples working from home
Raising a family in today’s economic atmosphere a mid a time-starved society, while at the same time trying to achieve that coveted work-life balance, modern-day couples are working it out at home. According to the National Federation of Independent Business, there were approximately 1.2 million husband- and wife-owned small businesses nationwide in 2003 (The most recent reporting period.)
Today’s homes are comprised of not just one or two generations, moreover sometimes even three. As the generational gap increases, so does the need for office space — high school or college students requiring instant access to the Internet for homework, home-based entrepreneurs supporting their family, and even the 70-year-old mother-in-law who formed her own blogging site. The needs are endless, and will become only amplified over time.
What does this mean for the remodeling industry?
Although kitchens and baths remain the most prevalent source of remodeling dollars, dual-home offices will soon define conventional new construction housing design as well. Contrary to popular belief, not all individuals running their own home-based businesses work in their pajamas at the kitchen table. In fact, most don’t.
Just like “his and her” sinks for the bathroom, expect to see “work-in-place” areas designed for two as well. Say goodbye to spacious dining rooms, lavish living rooms, guest rooms and dens at these new rooms’ expense. Dual-home offices, laced with the latest in organizational tools, will take on a more prominent role in the household, defining the future of the remodeling industry. Position your products for this new opportunity and build your brand towards this aspiration or watch as your competition does.
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