Painting Industry – Looking Brighter
The painting industry includes businesses primarily involved in applying paint, special coatings and wall coverings to the interiors and exteriors of buildings for both residential and non-residential customers. As such, the industry is closely tied with overall trends in home improvement and the construction industry. The past five years have been difficult for most businesses and individuals.
The housing market has been especially hard hit and the effects have rippled through many supporting industries. While the home improvement industry has seen growth (see our post from December 2013), the construction industry has been suffering due to low demand for new housing, and commercial space. However, both residential and non-residential construction is beginning to regain strength, leading to more work for painters and other contractors. According to the Bureau of Labor Statistics, employment of painters is projected to grow 20 percent (faster than average) from 2012 to 2022.
Painting the exterior of homes and commercial buildings needs to be done regularly. Exterior paint has a relatively short life span, and many experts recommend repainting at least every five years, particularly to preserve wood siding. Changing trends in colors, both interior and exterior also continue to fuel demand for painting contractors. While there are a great many do-it-yourselfers, there are also a considerable number of folks who’d much rather hire the work done, especially as more Americans return to the work force and disposable incomes increase.
The majority of paint contracting companies are sole proprietorships, often with five employees or less. There are several major painting franchise players in the market as well. Most notable are:
The strong forecast for recovery in both the housing market and construction industry over the next five years is good news for the painting industry. Opportunities for small businesses to expand as well as enter the franchise market also will continue to increase.
Below are two heat maps generated from our GeoMetrx territory mapping application. The first heat map displays the concentration, by county, of homes with repainted exteriors in the last year. The second heat map displays the concentration of those who hired a professional painter or other individual to do the work.
Additional data resources available at GeoMetrx include housing types (single family, multiple dwellings, etc.), demographics, competitive intelligence and more. Mapping this data along with our own proprietary customer data is a strong aid in developing your strategy to grow your business. To learn more about how GeoMetrx can help your painting business map its success, call today at 1.888.848.4436 or request a free demo online. Let our experts help you make the most of your business concept.